Some commercial policies may not even offer some of the extras I just mentioned.

When I mentioned it to my CPA he went more of the route of capitalizing/depreciation so I'll explore both options with him.I am considering selling the property once this rehab is complete, so depreciating may be useless if a portion of it is going to be recaptured immediately anyways.

As mentioned above, QuickBooks online is the go-to software for expense tracking.

Am generally not a fan of inheriting tenants and if I do, I prefer that my lease be implemented, but clearl y that is not always realistic.Thank you though for this suggestion and I am going to try to see if working it from your suggested angle will work here in Colorado.In the end, I want to set up a lease that does not have holes, that an attorney, God forbid we ever have to evict (though these tenants do not seem like the type to cause any issues and I generally am a good landlord and stay away as long as you are following policy, so thus having a detailed lease that covers most all and then just backing off.My inspections are generally once a year, outside of the move-in, move out.I also stay very engaged in the running of my property, thus self-managing as in the end, I strive to provide a place I would enjoy living and I actually live on one of my properties.Long story short, don’t care for the very vague lease that the current property management company has running.Additionally I have little confidence in the way they were managing the property.The property has so much potential but has clear signs of neglect and I intend to change that as I never simply abandon my properties.On the question of current lease, I have combed through it repeatedly and do not see any mention of what happens at lease expiration only what happens when tenants are seeking to terminate their lease, “30-day written notice required”.No stipulation on what is required of landlord at end of lease and/or automatic renewal, both items that I cover in my lease and another reason, why am not a big fan of the existing lease.Leaves out a lot.I prefer having systems in place where there is little chance of misunderstanding, so thus the nerves on this one, but I will get through, thanks to you all for all your great advice!

The student mentioned paid $5400...and they got NOTHING valuable and have no clue they are operating illegally.

Im curious to be able to answer what you have mentioned with "according to laws about foreign loads in your area"

So, I have been listening religiously for about a month now, I’m caught up to about 2014 and have my playlist full of episodes that sound like they really pertain to me.Fast forward some years, and I currently work at Wells Fargo full-time as the Branch Manager and then by night and on weekends my wife and I own our own performing arts studio that I mentioned before.

Not to mention having to keep checks and separate records for each property.If you're talking about a large property, either commercial or residential, that has multiple tenants and that is worth a substantial amount of money (a million dollars or more), then maybe your lawyer has a point. 

Best of luck on your first project, and may you avoid all the pitfalls mentioned in these posts. 

Do as @Braden Smith mentioned.