Help with Accounting
Hi all,
Been trying to research the best way, but have found many different answers and I'm getting more confused!
My business partner and I are buying SFR and multifamily in St Louis Missouri, we now have about 9 units total, with offers on about 15 more.
I need a suggestion on the best way to set up our accounting. Right now we have about 5 houses in an LLC, so we are planning to have multiple LLC's that own around 5 properties each.
My question is this: does it make sense to have a management company LLC, that collects all the rents for all the properties so we can manage income and expenses all from one account and one accounting system?
Or should we have seperate bank accounts for each LLC and have the rents come in and out of those seperate accounts.
In either case, what is the best software to track rental income and expenses and be able to attribute to specific properties?
Thanks so much in advance!!
-Rob