Quote from @Chi Sastry: Hi BP Friends. any recommendations  on book keeping services?

I'm looking for a bookkeeper that can use QBO, integrate Appfolio, manage distributions, capex, etc.

You don't need a bookkeeper. 

Our growing small business is looking for an experienced and detail-oriented Accountant/Bookkeeper with a strong background in real estate accounting.

Bookkeeping is the #1 missing link we see with REIs!

If it's later in the year, I like to see the bookkeeping for YTD and review so we can make appropriate decisions. 

We tell our bookkeeping clients not to scale chaos (I say "cancer") all the time. 

I do typically recommend individual bank accounts for each cell but I see some variance on this and you can sometimes forego individual bank accounts in favor of just a single bank account in the series LLC as long as you have strong bookkeeping that meticulously separates income, expenses, etc. of each cell (e.g. by using a classing or similar bookkeeping system).It is important to note, however, that TN has a franchise tax that requires careful structuring to avoid by ensuring that the entity structure qualifies for the FONCE (Family-Owned Non-Corporate Entities) exemption.

Consider meeting with a real estate-focused CPA to ensure you capture every deduction possible — including depreciation schedules, LLC expenses, and passive income losses that can offset other income.A little preparation now can make tax season smoother — and keep more of your hard-earned rental income in your pocket.

If not, spreadsheets work just fine.Our bookkeeping firm uses QuickBooks Online exclusively for our clients (100% of our clients are REIs).