The clearer way to do things like this is charge the tenant on their account, leave the security deposit as it is and give them X number of days to pay the charges then file eviction.In regards to Section 8 acceptance. 

They will look to have you open a depository account, but it's a pleasure to deal directly with the decision makers.You'll refinance the construction loan upon completion.

This accounts for all normal expenses as well as cap ex.Any advice would be much appreciated!

On the state side, in New York the law states that the following is exempt from transfer taxes: "a deed that effects a mere change of identity or form of ownership or organization but only to the extent that the beneficial ownership remains the same." 

Account Closed is correct, if you are planning to sell the property there is a lot of benefit in marketing as a new build. 

That being said I've struggled to find information about bookkeeping and accounting for someone in my situation. 

Account Closed

The account may be archived or likely sent off to a charge off company.

At this point, I just organized all my existing contacts into various groups: Colleagues, Professionals, and so forth.

We knew that you had to ensure separate financial records, bank accounts and shouldn't purchase items for the rental properties from our personal accounts.