Run every LLC as its own set of books.

Yes. Every property is its own entity, and the property name is what routes each transaction, so an entity's revenue, expenses and NOI are only ever its own. There is no shared bucket that everything falls into first, and a new entity starts counting from the moment you add it.

You set it on the property itself, from a fixed choice of Form 8825 or Schedule E. An entity you mark Form 8825 previews against Form 8825, one marked Schedule E against Schedule E, and one set to N/A carries no form at all. A short-stay rental held individually can instead resemble Schedule C; that read is computed from the property's own booking history and the substantial-services setting you chose, and is shown as general information rather than a determination.

It is a rollup across the entities you have put in a group: one set of totals sitting beside the per-entity ones. It is computed from your live ledger each time you look at it rather than stored, so it can never drift from the entities underneath it, and personal and holding entities are left out of it by design.

No. That distinction is the whole point of the toggle. Excluding an entity takes it out of your portfolio and Consolidated rollups only. The entity keeps its own revenue, expenses, NOI and full transaction history, and you can open it and read them exactly as before. It is a question about what gets added up, not about what gets tracked.

Starter includes five properties; Pro is unlimited, which is usually the deciding factor once a portfolio spans more than one LLC. Holding and management entities (including the shared-overhead bucket the product provisions for you) are not rentals and never count against the Starter limit.

Yes. The package is laid out by form: a Form 8825 section, a Schedule E section and a Schedule C section, with each entity under the one its own setting points to, and an unmarked entity appearing in the transaction detail instead. Unallocated overhead gets its own section when there is any. The export is a Pro feature; setting up the entities and previewing them on screen is not.

It has two homes, and neither of them quietly lands in a property's numbers. Portfolio-level costs (software, portfolio insurance, your accountant) sit in an Overhead entity that is shown on its own line rather than folded into NOI. Anything genuinely personal goes to a Personal entity that is kept off every financial and tax surface, while the row itself stays visible and reversible in the ledger.