And as David Greene referred to it, in his “Long Distance Real Estate Investing” book, keep as much water (equity) in your cup as possible?

When it comes to "numbers," you should distinguish between bookkeeping, accounting, and tax prep/planning activities.  

Just my 2 cents from my own experience as a Real Estate Investor and Bookkeeping Professional.I hope this helps!

We also have a bookkeeper that handles all revenue and accounting. 

This punk is young and I am guessing he gets drunk every night and when the 5th came he did not show up with his rent and that means my wife has to do a lot of extra bookkeeping, going to the bank a 2nd time, etc. and he refuses to pay any late charges. 

What software have you small business owners and investors had great experiences with for bookkeeping?

Could anyone please recommend one or where is best to find one?? Thanks!

I doubt Community College will teach you anything you will ever use to make money in this business.If it did, the teachers would all be driving Rolls Royce's and living in multi-million dollar mansions--they are not.If you want to learn about SFH's (the bones and the guts of them) vs being a hammer swinger putting up framing (which you don't need to go to college to do)...study to be a home inspector at someplace like the InterNachi... https://www.nachi.org/become-home-inspector.htmOnce you earn the badges you will know your stuff about SFH inspections.But still that's a big commitment and it's not needed to make money in this business...you can hire Home Inspectors, just like you can hire tax pros, bookkeeping, and etc...If you want to learn how to "put in cabinets", "replace a toilet", "shingle a roof", add a dormer, etc...you can learn on YouTube fast and easy.If you want to learn how to frame, get a job 9 to 5 with a framing contractor, and get ready to WORK HARD.Here is a 582 page picture book of how to build a house: https://www.amazon.com/Complete-Visual-Guide-Building-House/dp/1600850227Sit down next to a Keurig Machine with a book like this and your favorite mug and learn at your own pace.  

As far as the PM transactions, you will need to set up the PM as a bank account and treat it as such when bookkeeping.

I am currently coming to the end of my first year in a house hack and I am checking over my documents and bookkeeping before tax time.