Newbie with question about taxes and accounting software

[Lou Nguyen]

We just bought our first multifamily and closed on the property on 12/31/2018.  This may be a silly question but do we need to prepare taxes for this investment for 2018?

We hired an experienced third party property management company.  Do we need to keep a separate accounting program if this is the only property we own and the property management company will be responsible for our P&L?

Thanks in advance for you advice 

[Daniel Hyman]

@Lou Nguyen

If you are planning to keep your portfolio status quo for a while, then you can get by with a spreadsheet that consolidates all of your transactions. If you are planning to scale up, then you should explore a more sophisticated accounting software. Its best to have your learning curve of the system take place while your portfolio is smaller.