You get the funds to replace the structure with similar amenities (sq ft, etc) but with modern materials.

I know at one point Vena Jones Cox was offering part of her actual marketing material.

If lots, then keep good records for contributions, draws and equity splits.Revenue:Rental IncomeOther IncomeExpenses:HOA FeesMortgage InterestProperty InsuranceProperty TaxesRepairs and MaintenanceProfessional Fees (such as accountants and lawyers)(Anything else on Schedule E that you doOther:Interest IncomeFlipping Business should include:Assets:Cash AccountsMortgage Escrow Account (if appropriate)Projects in Process (one for each project, ideally)Tools and EquipmentDeposits and Prepaid ExpensesLiabilities:Accounts PayableMortgage Payable (one for each property)Other Loans PayablePayroll Tax Liabilities (as applicable)EquitySame as aboveRevenue:Property Sales RevenueCommissions Revenue (if applicable)Cost of Goods SoldProject ExpensesExpenses:Most of your job expenses will be recorded in Projects In Process as an accumulated asset and then moved to Project Expenses when you sell the project, so there's no real need to separate out expenses such as Materials, Subcontractors, Holding Costs, Utilities, etc.  

What material is the exterior?

And, I have been told that I am not investor material in terms of my approach to tenants and personality. :-) Therefore, I am seriously considering property management for my next lease term, whereby I start treating this as a business than a charity.

I will be deligent and go through all the material. 

But if you are managing a lot of rentals, I recommend Buildium.But if you are looking for something simple, have a few properties and are not self-managing the property a well designed spreadsheet should work well for a lot less money than a software package.

For many of the bigger brokerages, you can just sign up and they will send you all of their listing packages.

Our local one is great--the staff are super helpful, and you can buy both used (previously rented) and new furniture, at good prices.The fantastic thing I discovered is that you can get discounted packages on furniture and art for a whole home--or at least, everything for a one bedroom, to start.  

Cost of materials was way low and cost of install way high .