I have both a Bachelors Degree in Secondary English Education and an Associates degree in Computer Information Technology, with a Software Engineer emphasis. 

To me, this means during an audit, lawsuit, or whatever, your personal books get dragged in.The single LLC coming together for a multi-member llc basically provides flexibility and branding/marketing opportunities. 

I have seen many depreciation schedules where a tax professional gets this wrong and when we do the cost seg studies, we correct it to avoid audit risk down the road. 

What software, or apps, or tools are you using for deal analysis?

Before the pandemic, I was an actor pursuing my dreams, living in LA, and going on auditions.

Any recommendations for software to use when starting out?

First its not my opinion since its a quote taken directly from the FTB, the folks that will audit you, then assess your deficiency and further penalize you if deemed appropriate.

If you would be audited then you may have some of them disallowed.

I recently signed up with Stessa.com which is 100% free software for tracking rental performance.

You can create yourself an excel sheet or use software like rentecdirec.com or stessa.com (stessa is free) The IRS doesn't know how much you are receiving unless your tenant reports the payments to you for some reason or the IRS audits you.