I just updated the post, so it should be resolved - I hope.

This large 3/2 home with a large bonus room is nearly 100 years old, but it is still in good condition, and has been updated with new HVAC, insulation, electrical (installed by previous owner), flooring and paint, windows, and kitchen backsplash + counters.

@Dan TurkelThe correct way to do it.You record an 'adjusting journal entry' for your PM transactions that indicate what the PM mentions in their monthly PM Report.The net amount owed to you is either ' Due from PM' or 'Due to PM'.When you receive the payment from your PM, it updates the Due to / Due From account.Example - A monthly PM company reporting $1000 of rental income and $100 of PM FeesDue from PM - $900PM Fee - $100               Rental Income               $1000Cash           900               Due From PM                  $900Difficult for most non-accountants to understand.best of luck

Best of luck on your journey and keep us updated on your progress!

I only have a few years to pay it off as everything is going smoothly right now.I just received a letter from the bank stating they are updated their files and are requesting from me, an updated completed tax return and / or income statement.I do have several more years on the loan but  plan on paying it off as early as I can.I've taken out loans in the past and have never had to update tax returns to any of them so I'm curious as to why they would need it unless they plan on lowering my interest rate.

At the time this property was purchased it thinking I would live in this house and slowly make up dates.

The day I close I plan on introducing the new rental rate and updates that I will be doing or giving them their 30 days notice to leave.

Updated less than a minute ago

Best of luck, and make sure to keep us updated on your first deal!

Generally, you should request a weekly update with pictures or video walkthrough.