Mainly I am wondering how you all structure your income / COS / expense accounts.I've got my income accounts: rent, Section 8 payments, repairs, gain on sale of assets, extraordinary income, finance chargesI've got cost of sales: utilities, HVAC materials, plumbing materials, lumber, contractors, (lots more... stuff to keep the actual apartment running)I've got my expenses: hazard insurance, PMI, property taxes, cell phone, basically all things that are related to the business, but don't directly keep the apartment runningI've got fixed assets: land, building, computerI've got current assets: cash, checking account, savings account, inventory (stock of repair materials for building), accounts receivableI've got current liabilities: accounts payable, notes payable (current portion), taxes payable, tenant depositsI've got long term liabilities: mortgageI've got owner's equity: retained earnings, owner's contributions, owner's draws (currently I am just a sole proprietor)The biggest item missing from my list is depreciation.

There's only so much you can rehab, and only so much you can get for a sales price, but using a smart tax strategy can gain you 20% or more in retained profits.

Will be a pain for lawn upkeep and harder to attract/retain tenants with all those steps.

Between my photo copies of government ID, lease where they initial and sign all over, and the signed application with all of their personal information which I verified through a background check, I think it may be difficult for them to succeed with this.I feel a tenant should always pay the credit card fees. 

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

This is not advice and I recommend you retain advisors to confirm.

The courts retain jurisdiction over said divorce.

For example your grandparents passing away with the asset will be a good tax answer but it could be a bad financial answer if they are in care centers and rack up $800k in debt which encumbers the land.1st priority is likely retaining the land, debt free if possible.2nd family operating goals3rd may be tax goals as you may not have any issue until you sell it.4th may be easy of transfer but in taking care of priority number 1 you may find your best bet is to gift the asset away or put it into a trust eliminating this issue. 

However there is a small chance that at some point I may lose this entitlement (I work for a multinational company and there may be a need to relocate overseas permanently).It would be my intention to retain ownership of the property even if I do indeed end up leaving and continue to receive rental payments.

But it will require some additional paperwork.You can have retained earnings with and IBC.In many other countries, it is customary to hold title in a corporation or foundation ( for asset protection and estate planning).