Your book will still be a mess.You get a typical bookkeeper that can pay bills and enter receipts.

There are myriad reasons why the rates are lower for a primary residence vs an investment property, but simply put, if the mess hits the fan, what property are you going to let go first, the one you're living in or the one that you rent? 

To simply buy an above average cap rate means you have to buy an asset at below market value. 

With the fix and flip calculator I entered all the numbers including (minus closing costs, points to real estate agents, transfer fee, carrying costs, property taxes, etc) and based on the profit i wanted I got a higher offer number than the %70 rule calculator . 

Everytime you spend money for each property, you can designate for which property it is so you can record it in your accounting software.The PM company also receives the rents.This simplies the banking and accounting but at the same time, each property is in its own LLC for asset protection purposes.

@Randall JohnsonKnowingly you should not enter into rental with negative cash flow. 

I’m interested in finding someone who just simply cant afford their mortgage payments anymore and they want out.

You need to know the true value of what you are investing in. you cannot simply go by assessed value.

I had an applicant look good on paper, but the prior landlord said she was a pain to deal with and while always paid, just simply didn't follow the property rules, was rude, etc. 

I was trying to gain a more favorable value by buying the homes based on comps and then essentially repositioning them by simply switching to a commercial appraisal which would be higher.