So essentially we're just vetting tenants and keeping track of the maintenance for him.

We are right on track at spending the full 10% that we "budget" for cap-ex and maintenance. 

@Eric KellyThousands of BP members are using QBO to track rentals, flips, and other real estate businesses.

The verbiage will change, as you are not looking to sell the property, specifically, but the pretty presentation can give you guidance as to what people want to see.In general, you will need your business plan, your budget, existing condition, proposed renovations, stabilized proforma, and background on you/your partner as to how you know what you are doing, especially if you don't already have a track record.

Now of course only a rookie investor will work with a rookie agent - talk about a power team (not).You would think that agents have the inside track and buy the good deals for themselves, which is not the case: I think from 180 agents in my office only 3 or 4 own rental properties that I know of, and one is a builder.

I always tell clients to start with their commute and then back track to find the area that makes sense for them based on their life.

I'm sorry, but I can only award actual proven losses.

You’re asking good questions and it sounds like you’re I’m the right track.

Right now I'm looking for input on keeping track of rental expenses and income as well as tracking expenditure during the rehab/purchase process.  

Right now I'm looking for input on keeping track of rental expenses and income as well as tracking expenditure during the rehab/purchase process.