Re; liability "if you built it, your liable", better to build right with comprehensive permits, insurance & warranty.

The laws also make you register and pay hotel occupancy taxes, with some serious penalties if you try to not do either.Also, Airbnb doesn't work everywhere here.

The ultimate goal is to reduce the likelihood of capital calls, while at the same time streamlining work for the bookkeeping team.Example: We're buying a 40-unit apartment complex (in Michigan) with an annual property tax bill in year 1 of approximately $50,000.

You're completely deferring all tax on gain. 

But now I am being told that if I do a refi to pay them off I will lose the 'prop 19' tax basis on the portion of the property I buy from them, even if I move into it as my primary residence. 

@Tammy Muller here are two great threads that cover the accounting software options and feedback thoroughly: BP -> Quickbooks or something elseBP -> Fav bookkeeping/accounting softwareThey don't mention either of these options, but that might be because RentalHero &  REI Hub are full-blown property management software, and Quickbooks Online, Digb, and Stessa are accounting/tax software focused on real estate investors.

DSCR loans are underwritten based on your credit, liquidity, and the rent you will receive vs the principal, interest taxes, and insurance.

Carry sufficient liability insurance to protect your assets and net worth.

I use them for 1040 prep, but that's it.Separately,  I have a Japanese CPA who helps with my J-taxes. 

I agree with the cost of high taxes it's hard to make a profit but not impossible.