Subscription / Plan
The $10 per month plan is perfect for tracking rental properties. It includes bank feeds, (and xero has the best in the business), but no payroll or GST or other features you don't need. Sadly, this plan isn't publicly available, so ask your accountant to set it up for you, or get in touch with me.
Chart of Accounts
I've published a chart of accounts on gitlab which includes the income and expenditure accounts as they appear in an Australian Income Tax Return.
It's best to upload this custom chart of accounts when you're creating the subscription. If you've already created the subscription, "export" the chart of accounts, copy & paste the expense accounts from this chart of accounts, and import the result back into xero.
In settings, you'll need to set up tracking, add a tracking category called
property, and list the street name or suburb for each property. This will allow you to specify a property for each transaction. Later when you look at a "profit & loss" report, you can apply a filter to include or exclude properties as you wish.
Expenses Unrelated to Rental Properties
You can set up whatever expense accounts you wish. Your accountant will be able to determine what's relevant and disregard the rest when it comes time to do your tax return.