Rent Collectionand expense tracking after Purchase

[Chadrick Bailey]

Hey BP fam, I'm purchasing a three unit property that'll I'll be house hacking in Pennsylvania. I close on the property next week and I'm inheriting two tenants that are currently on month to month leasing but will switch to long term after purchase. My question what website should I use for rent collection, lease signing and expenses tracking and should I have separate bank accounts for each unit for tax purposes? 

[Kristen Ambrose]

Congrats on the upcoming closing and house hack. You're making a smart move.

Here’s how to approach it:

1. Rent collection and lease signing
Use a platform like Avail or RentRedi. Both let you collect rent online, sign leases, and communicate with tenants. They’re easy to use and designed for small landlords.

2. Expense tracking
Use QuickBooks Online. It gives you full control over your financials, helps you stay organized, and makes tax time much easier. You can track income and expenses by unit or by property using class or location tracking.

3. Separate bank accounts
You don’t need a separate bank account for each unit. Just use one account for the entire property. What’s most important is keeping your rental finances completely separate from your personal accounts. You can track unit-level details inside QuickBooks without opening multiple accounts.