Quickfire: New to LLC and business expenses...

[Jonny Morris]

Dear all, 

Just looking for some seasoned small business owners to throw out 'obvious' things for me to consider. I am making the transition from my first rental which is an ADU attached to the back of our property...into our "1st rental in the portfolio" which will be through my newly established LLC.

In terms of managing the business, and the expenses side of things - what should I be recording, tracking and expensing to the business account? 

- House purchase price (written from business account) 

- Contractor bills and rehab work. 

- Miles driven (documented) and gas to and from the project?

- Phone bill? 

- I want to go Pro on BP...could this be from the business account? 

Apologies if it seems naive - but I am hoping to glean some practical info. from you people living and breathing this side of the business. 

As always, appreciate your thoughts.