Just got out of the military and looking to start investing as a part time income.

Your bookkeeping system can tag income and expenses with a property ID or use subaccounts to keep track of income and expenses by property.Since you are a sole proprietor, there is no issue with co-mingling funds and using the same checking account for both personal and rental activities, but, it is much simpler for record keeping to have a separate checking/savings account for the rentals.I have charged stuff on my personal credit card for my rental properties, because I get "rewards" for my charges.  

Would be important to know why there is so much delinquency in the HOA given that it is in a good market with high incomes.

It will show you what he claims as expenses, income, etc.

For example, Fannie Mae has no less than three different ways of calculating rental income depending on the scenario (one of which is [ Rent * 75% - PITI ] that is frequently mentioned on the forums here).

Generally we zero out income from the C corp as salary to the two shareholders so we don't get double taxed.  

I'm running numbers on potential rental property purchases and the monthly expenses beat out monthly income drastically.

AJ Golden IMHO, that depends on what kind of income, "line of credit," insurance deductibles, and risk you can handle.

Have a bit of personal debt I hope to get rid of by July. 2) Salary will jump up to 350-550k/yr next July (I'm a professional)3) Looking to get into real estate to create passive income.

The other big variable is using the new income once stabilized as well as the new value.