To simply put, property accounting is anything to do with the actual property operating day to day accounting such as rent income and rent expensesCorporate accounting is anything to do with the LLC as an overall so if you pay for gas for your car for business, it will be corporate, if you pay for a meal, this is corporate, paying for business licenses, office supplies, etc.Actually I learned this from him

For your insurance, you will want to make sure you have landlord insurance policy in place.

Sure can!

Lessons learned?

To make sure the land/property generates some kind of income until then, we've tossed around land leasing for cattle or a glamping site.Advice needed:1.

Not sure who would tell you to stay away.  

Whoever you end up working with, make sure they're very familiar with all County and City ordinances.

I'm just starting out investing in RE but I want to make sure I'm doing all I need to do properly and legally.

But if you are going to buy one, make sure it is new construction or recently completed its 40 year inspection.

If you decide to refinance, make sure your new cash flow can still cover all your expenses, including any unexpected costs.I hope this helps you in any way!