I haven't heard anything about it among my clients but will ask around and report back.

View report*This link comes directly from our calculators, based on information input by the member who posted.I’m analyzing this a few ways, but I need to start with the renovation budget.

Your options are either: work with a good pro from the jump, or spend enough time to fully understand REI tax reporting.

For IRS tax reporting purposes I agree it is cash accounting. 

We provide a full report with pictures to our owners.

For screening, it does cost $55 (tenant pays) for the whole nine...i.e background check, eviction history, credit report, etc. 

If your LLC is a single-member LLC, then it will be disregarded for tax purposes, and you will report your rental activity on Schedule E and your real estate agency on Schedule C of your personal tax return. 

For reporting purposes, I think this will inflate both my income and expenses.

It is reported on the form 8824.

Your time will be spent reviewing reports, talking to the pm company about the asset, paying loan payments and whatever bills you choose to pay vs the pm company like taxes, insurance, utilities etc.