On the taxes issue, I make the assumption that having your business as a sole proprietorship, or partnership would reduce the cost of doing tax returns.  

Since 1 of them move out, then you may have an issue with your lender as well.  

I dont know whether them not disclosing about the issues regarding the tenant gives me any ground to back out.

After speaking with a broker in Virgin, UT, I learned that capitalizing on that  Zion national park tourist vacation rental market can be (relatively) pricey and challenging.My investor and I are looking for something close to nature or smack-dab in nature; but, still close enough to modern amenities to resolve any issues should they arise (emergencies/food etc).I learned that if you are in the mountains, you will more than likely not have year round access, no water/rights, 2 hours away from amenities and no management willing to make the drive to check on 1 cabin, needless to say it was a little discouraging to hear. 

I posted this in a different thread, but I'll add it here as well:If your business made payments to an independent contractor of $600 or more during the course of the year, you are required to issue a form 1099.

It doesn't seem to me that I need something as advanced as Quickbooks, was thinking about Quicken 2016 Rental Property Manager which by the name seems well suited to the Real Estate business but the reviews are less than stellar (mostly software instability issues).

Hopefully I won't be blindsided by any of the issues you faced.  

Hello, my name is Debbie, and i am having issues trying to purchase a home.

But again the more costly issue is addressing ALL the Peeling, chipping or cracking lead paint.

My two issues were the down payment for a 80/20 commercial loan and also being able to move on to the next deal sooner than later.