I believe it costs about $80 to set up an LLC in Arizona, and I’ve set up 5+ myself with no issues.For accounting I use Excel for long-term rentals as expenses/incomes are the same every month (I just add an extra line item in case of extra expenses like repairs) and Wave Accounting for short-term rentals (it’s free and integrates to bank accounts!).

if you don't have the time for instant follow up you could be losing deals to those that are vertically integrated and working a market Like Indy 

The turnkey method is perfect for people that see the benefits of investing in real estate but do not live in the right market. 

I know my market and property and I set my original prices 20% above their initially recommended rates and I'm booked solid, with perfect reviews.

There's no perfect solution and hindsight is always 20/20.

@Natalie Kolodij covered it perfectly.  

Thank you, that sounds perfect.

Or would you accept that, since you're renting someone else's house, it's perfectly natural that the family who owns the house (or prior guests) may have trash left behind in the garage trash cans until this week's trash pickup occurs?

Normally, a roof is considered an integral part of the structure and would be subject to depreciation over 27.5 years or about 3.6% ($3,600) of the total project cost per year.But whenever I have a roof done I ask my roofer to itemize the cost of labor and disposal associated with tearing off the old roof and dumping the worn out material. 

@Jeff Copeland, thank you for the in depth explanation, makes perfect sense and now I know the importance of the cap rate.