HOW TO SPLIT RENTAL INCOME

[Jordan Santiago]

Hey BP,

I am starting to acquire a lot of rental units with my partner, and I wanted to see what the community has to say to a couple of my questions.

1. Do you use a software/system with your property manager to keep track of all rent collected, capital spent on repairs, and more to stay organized?

2. If you have a partner, how do you split your cashflow 50/50? Do you just each get access to the properties bank account and split it 50/50?

I really would love something that can help us establish what we made from x property, what we need to pay for the debt service and expenses for the month, and automatically distributes the positive cashflow into our accounts or something of that nature to make things more automated and organized.

Does anyone use something like this? If not, what do you use to stay organized and collect your percentages?

Definitely important for me now because we will pass 100 units this year. Thanks so much in advance!