That being said, there is a way in QB SELF EMPLOYED to manually insert transaction - a feature made available so you can insert a transaction if connection to your bank account is not working. 

Or do you self manage? 

Been self educating myself for awhile with books, podcast, webinars.

Ideally, if it's a service member self-managing, they'd disclose that to potential tenants and have systems in place to minimize disruptions, but sometimes stuff happens. 

Taking a higher deposit on a high risk applicant is no better than flipping a coin. 

All were done in a self-directed Roth IRA with checkbook control. 

*Provide information about rental rates and other terms and conditions of the rental, as set out in a schedule provided by the owner, and*Accept deposits, fees for credit checks, and other administrative duties, security deposits, and rent*Provide preprinted rental applications and respond to applicants’ inquiries about the application*Show rental units to prospective tenantsAs you can see, a non-licensed, non-resident manager is limited to performing rather routine tasks that don’t call for initiative or decision making.For instance, this manager would not be qualified to negotiate a lease (4), deal with late rents or other violations of the rental agreement or lease (5), or appear in court on your behalf (6).(1) My property manager does NOT live on any of the owners properties.(2) My property manager is unlicensed.(3) My property manager supervises 10 different properties.(4) My property manager has negotiated leases for 12 years without a license.(5) My property manager has dealt with late rents and violations.(6) Unknown

Other than the lease agreement, pet addendum, pre/post inspection and rental application forms... what else would be necessary to be prepared for my first rental?

Others mentioned putting it into a self-directed IRA.

when you flipping houses yes its ordinary income and if your self employed there is some sei tax or maybe that went a way with tax reform.. but yes you get taxed at what ever rate your income is.