What is the best way to manage rental income and expenses. Should I open a bank account dedicated to my rentals. What program do you use to manage the record keeping?
Yes, you should open a separate business bank account for your rentals.
Check out stessa dot com for income and expense tracking.
I recommend finding an accountant that specializes in real estate taxation. You may want to consider working with your accountant remotely to expand your options.
I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.
Good luck and let me know if you have any questions.