You can easily tag each transaction using categories that synch to your Schedule E for tax time.

Once you think there is no law pertaining to the activity then the work begins this is a belly to belly business your not going to do this on E mail and text messaging .. you will need to be able to sit down with these folks or it will never happen.

I will do e exactly how you said,  will wait and study.

If he needed something beyond the standard business forms and Schedule E, I could give him limited access to my Baselane portal, just like my bookkeeper had limited access.

For Conventional, you can only use 75% of the gross rent until you have Sched E history for the rental for a net rental income analysis. 

Rental income and expenses, such as mortgage interest, property taxes, repairs, and depreciation, can be reported on Schedule E of your personal tax return, regardless of ownership structure. 

(e) Minimum side yard: 10 feet distance from side yard to nearest building or structure.

No such requirement for improving rental properties and deducting interest on Schedule E. 

The revenue and expense categories line up with your Schedule E which makes it a breeze to prepare for filing your taxes and I like the reporting features, too.

Baselane has the added advantage of synching with your Schedule E you'll use at tax time to file your taxes.