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. 

As for setting up a business, I just had a bookkeeping client use https://www.incfile.com and was very happy. 

The bookkeeping/tax side of your investing is yet another skillset for you to get a working knowledge of, as you wade into real estate, just like negotiating, getting financing, deal analysis, tenant management and contractor management.Jim Kennedy

In fact, if you had legal entity you really should have a business credit card to maintain your corporate veil.The bottom line is you need to handle your bookkeeping somehow. 

From what we understand in Michigan, security deposits can be in an interest bearing account and you can commingle - but, you must have EXCELLENT bookkeeping and never let the account balance get below the sum of the security deposits.If you have a bond that covers your security deposits you can spend them.

I’m looking for strong recommendations for solid rental property book keeping (e.g. financial statements and the health of a property month-to-month).

All of the marketing and bookkeeping and sourcing materials and estimation goes into jobs with homeowners but doesn't with a GC.

They also offer bookkeeping services, too.

Hey BP, I'm a newer investor trying to make sense of the accounting/bookkeeping side of the real estate investing world.