QuickBooksQuickBooks can be a good option for tracking the financial aspects of your deals, such as downpayment, funding sources, mortgage details, and cash flow.Pros:Widely used, with robust reporting features.Can track both income and expenses, making it easier to manage the financial health of your properties.Offers integrations with banks and lending institutions for easier transaction tracking.Cons:There might be a learning curve if you're not familiar with accounting software.May require customization or additional apps to track all the specific real estate details you mentioned.3.

Make sure the rental income comfortably covers your mortgage, taxes, and other expenses.

I intend to hold onto the property long term and yes I would be willing to live there if there was no income potential.

I'm anxious about making any financial mistakes that will cause me to be in hot water with the government since I am not sure how to report income from an investment property. 

Use any CPA and treat it as normal income. 

Yesterday my job was eliminated, so my main source of income is gone, however, I have $1,425/mo coming in from a condo that's paid off.

I have two questions. 1)I was reading an article that gave the following example:"John Doe has $200k of taxable income on his W2 and buys an $800k 6-unit property.

But -- rant incoming -- as @Erin Spradlin, resident midterm rental expert in our household would probably ask you, why limit your targeting to just one demographic? 

Not sure … I may just reach out to some friends in that income class and get their thoughts.  

And then in comes the junk....we're now at 20 cars, a bus, an RV or two, a tow truck, washers/dryers, and even an airplane fuselage...yes you read that right.A bunch of us neighbors called the County of course and they sent out a Code Enforcement officer.