If you are selling something high-end, you're probably not going to get away with all low-end beige and gray. 

Just got out of the military and looking to start investing as a part time income.

Your bookkeeping system can tag income and expenses with a property ID or use subaccounts to keep track of income and expenses by property.Since you are a sole proprietor, there is no issue with co-mingling funds and using the same checking account for both personal and rental activities, but, it is much simpler for record keeping to have a separate checking/savings account for the rentals.I have charged stuff on my personal credit card for my rental properties, because I get "rewards" for my charges.  

Would be important to know why there is so much delinquency in the HOA given that it is in a good market with high incomes.

It will show you what he claims as expenses, income, etc.

For example, Fannie Mae has no less than three different ways of calculating rental income depending on the scenario (one of which is [ Rent * 75% - PITI ] that is frequently mentioned on the forums here).

I am currently searching for my first property, but I am finding it a challenge to make it happen within 70% of the ARV(ARV found using the low end of comps).

The problem is that most agents don't want to run around and show you 30-40+ houses, put in a bunch of low offers just to find out you can't qualify down the road (not saying you can't qualify, but they don't know that)..

Generally we zero out income from the C corp as salary to the two shareholders so we don't get double taxed.  

I'm running numbers on potential rental property purchases and the monthly expenses beat out monthly income drastically.