@OWood

You have two businesses, the owners and your prop management, therefore you should have two QBO subscriptions

The only hand in hand thing is that what happens in the prop management business feeds the owner account.

as property manager, you invoice the tenant for rent and receive the payment as a liability (you owe the owner)

then as property manager you send a check the owner
line one, the liability account, and the full amount of rent received
line two, your commission income account, and the amount of your fee as a negative number

(and keep in mind the requirement to 1099 the owner at year end for the full amount of the rent collected)

then in the owner books
create a sales receipt
line one, rental income service item, full amount of rent
line two, management fee expense item, fee expene amount as a negative number
save

then deposit the funds.

IRS Pub 583, Page 5 - must keep separate books per company