All Forum Posts by: Robin W.

Thanks Robert! I will be reaching out for more information. 

If you can disclose any cost ranges for expectations or any logistics/scope that would be helpful. Is it difficult to work with out of state accounts? These properties are in TN and IL. 

I own two, two unit properties in two different states.  I co-own both of these properties with a family member, but for the better part of the decade the management, along with the lion share of associated expenses, have fallen to me. While we maintain a checking account for each of the buildings for the receiving of rents, more often than not expenses have been paid out of my personal accounts. Years of this informal management have strained the relationship between myself and my family member, and I would like to order a multi-year financial audit of the two properties to clear the air and to wipe out any ambiguities in the books. I've posted before seeking an accountant to start the new year out right, but now that I'm hoping to dissolve the partnership, I believe it's best to conduct an audit of accounts as far back as possible for full transparency. 

Are there accountants who conduct these types of audits? If so, what are costs and logistics associated with one? Have any other property owners conducted such an audit? If so, I would love to hear about your experiences.

Thanks for the responses. It is a nicer area and I believe the neighbors would not appreciate any caged ACs added onto the building. Spoke with my repairman and he suggested the following: "the small screws that hold the unit to a wooden window do little to prevent breakins. I would suggest that we cut some 2x2 braces to install above the open windows. That will prevent the window from being opened and the ac unit pushed in. The air conditioner sits down in the track for the window sill so the window has to be opened in order for it to be pushed in. We can do this without having to screw into the window or frame. Truthfully window ac units aren't the most secure things regardless of how they are installed but this will make them a lot more secure. You may also consider something like this https://www.amazon.com/Doberman-Security-SE-0106-4PK-Ultra-Slim-Window/dp/B010HWD65Q/ref=sr_1_4?ie=UTF8&qid=1472744030&sr=8-4&keywords=window+alarm " Still trying to figure out the best route, but I appreciate all the responses!

I just dropped 15k on a bathroom remodel and replacing all weathered wood windows with new vinyl double pain windows on a duplex building. I then had two AC units installed for an incoming tenant without drilling into the frames as that would void any warranty on the new windows. But now the tenant is requesting I have them "screwed into the window" otherwise someone could "push them in and jump into the apartment." We never had an issue with robberies and I don't really want to void the window warranties and ruin this brand new purchase. But he has a point.. I think? How would you proceed?

Originally posted by @Thomas S.:

The easiest route would be to sell split the profits and go your own way.

Maybe the easiest, but a bitter pill to swallow, as I really love these properties and feel their markets are trending upward for a bigger payoff. Hopefully I can get all of the books in order and then make a better decision regarding a buyout, or a better understanding of the partnership as we move forward to establish an LLC.

Originally posted by @Roy N.:

@Robin W.

Being in this situation with a parent must add a whole new level of stress.  I had a similar unbalanced relationship with a business partner and finally just made a proposition to buy him out.  He got a better deal than deserved, but the price was worth the peace of mind.

Thanks Roy. That's definitely something I'm hoping to look into, but obviously need to get all of the transactions and money flow accounted for before understanding what a fair buyout would be. My parent has already speculated outrageous numbers - and it makes things even more complicated because I do love them and want the best for everyone. I'm just hoping that the solution is me taking over, strategizing correctly, and having a reasonable passive income that we can both enjoy fairly. 

Maybe a CPA is a good place to start?

A parent split down payments with me after receiving an accident settlement at age 18 to co-own two multi-fam properties located in different states. But now over a decade later, I realize they've not been managed properly and as an wiser adult I'm setting out to right that wrong. 

I've never missed a mortgage, and have happy renters in all units, but I agonize over the lack of pristine account books, and not knowing if they are better off in an umbrella policy and land trusts, or if rather organized as an LLC.

One huge stress factor is that I solely pay property taxes, maintain and manage the units, and keep them rented while my parent routinely demands the split partnership if sold. It's a recurring, uncomfortable discussion as I intend to hold for the longterm, and moving on as an adult with marriage and my own investments. 

Where should I begin to tackle this issue with grace?