Adapting QB 2015 to Property Management, HUD1, Closing Statements

[Erick Garske]

I would like some feedback on what Property Managers and Investors use to track their financials.

Over this weekend, I have talked to a couple of accountants with property management experience. One accountant preferred to use QB online, while another preferred the Windows desktop version, and yet another completely dismissed the use of adapting QB for property management in favor of using another SaaS offering like folio and even going so far as to insist that you need one bank account per property in order to best track the individual transactions.

I am also interested in a free online educational reference that can be used to instruct me on the details of recording a HUD-1 statement for purchasing property, recording a closing statement for the sale of property, and the technique used to record both types of transactions within a 1031 exchange.

Thanks,

Erick