Around $150 to set up and once a year you file an annual report which is a simple form, to the state of Illinois (will tack on another $75).

You'll only make your lawyer and accountant rich.

Account Closed Hey man, I really like pulling highly targeted lists in my area because it has made it a lot easier to move the properties.

The 10% is accounted for in other expenditures, along with landscaping.

This type of accounting isn’t hard.

All in all, I feel like I'm spinning my wheels and have the initial doubts that I'm sure most have had.WHAT DO I WANT FROM YOU GUYS: Knowledge and Accountability, plain and simple.

So I got the mortgage under my own name.Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.My questions are:1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?

You can actually sign up for a free account to try it out to see if it will work for you.

Also unrelated: is there any way to account for high vs. low turnover rates in the calculator?

@Curt Smith Again, not an expert, but from what I've read online and in the FHA handbook, 1) you only have to owner occupy for 12 months on an FHA, but it's 24 months I believe before they will take into account the rental income, 2) like @Russell Brazil said, you can only ever have 1 FHA at a time, and 3) the 100 mile rule is still in play even after 2 years of owner occupancy if you're moving from one place to another and still holding on to the first as an investment.