No, as long as you have a written record (it can be computerized also) of your income and expenses you can prepare your tax return. It would be a good idea to keep a separate bank account and a separate credit card specifically for the rental property which would make the recordkeeping very simplified.
The state where the property is located may require that you file a tax return in that state, even if there is a loss on the rental. You can check the filing requirements for nonresidents by clicking on that state in the link below.
The house will be a depreciable asset and the land must be separated out assuming there is land. You can use the tax assessments from the city or county to figure out the cost basis for both. You will add to the house any capital improvements made before the property was rented to arrive at the total building costs.
You can begin taking the depreciation and expenses on the date the house was available and marketed for rent. The link below is a helpful publication for residential rental activities and taxes.
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