Systems for buy and hold rentals – please share best practices
We currently own and manage one rental property and the tenant pays us via Venmo and we use excel to track expenses. As we scale our portfolio, we want to make sure we have good systems in place for accounting, tenant communication and payment.
What systems do you use? Do you have any thoughts about Stessa, Cozy, Quickbooks, Tellus, SimplifyEM, Rentec, others?
Do you have a bank account for each property? Do you split out security deposits vs operating capital accounts for each property?