Check the BiggerPockets store or check out my personal favorite, "Every Landlord's Legal Guide" by NOLO.

Liquidity is not an issue since it will be a long-term investment unless something happens to me and my income takes a dramatic change. 

So worst case -- if the market tanks permanently -- one can move away from a $5M asset with having lost the 20% portion.I'm not aware of any other asset -- apart from direct RE -- that can be leveraged this way.Stocks have leverage too through margin but that can wipe someone out since the margin call is executed automatically and the high liquidity makes the asset evaluated everyday.

Read some material online (and we're going to higher CPA later) but seems that mortgage interest can be shown as an expense on Schedule E. 

I have attended conferences of all kinds over the years and the BG Nashville was a favorite and I will be in New Orleans.

I sold home, liquidated estate and sitting on equity from 92677 sell. 

They reported their rental income and all expenses on Schedule E, and want to report the sale of the house on Schedule D and Form 8949.

I'm just curious how some of you experienced property owners determine how much liquid money to keep on hand for a given property, if there are important reasons to keep that money in a separate or LLC bank account, etc.

Save up more liquid for purchasing power in the next slump.

You want to find a property management company and manager that know they actual rental market and their focus is to maximize the rents, keep your property in great shape with the changing markets so if you ever need to liquidate, you’re not having to put tons of cash in to the property.