All Forum Posts by: Soh Tanaka

To the best of your current knowledge, create a step-by-step check list by writing down all the steps you think you need to take to have your place rented and managing it. Use it when you actually placing a tenant and managing a unit. Adjust the list accordingly as you gain experience and knowledge. Eventually you can use some software/apps, but pen and paper or a Word/Google Doc is fine for now. 

I agree that you need to see your accountant. That said, what my accountant told me is typically you are credited for the taxes that are unpaid, and it is a reduction to your asset cost, basis. that sounds different from the advice given above.

Adding an extra layer would put extra stress to the structure due to the weight.

I would replace it. You don't want to wait till it starts leaking to replace. Alternatively you can fix it, but in the long run it could cost more money. 

The online version will become very expensive, if you need to track more than one property. 

For most of the things I do, I love the fact that I can do online, but the reality is, you don't really need that feature with QuickBooks, as most of us do bookkeeping at home anyway.

I would consider NW Indiana also.

I can't answer most of your questions, but I can say that I like the fact that it's relatively easy to find decent properties with OK cash flow in NW Indiana.

Either manage your own property first or work for an established management company. 

I would first read the property management agreement. If they are indeed doing something that they should not do and not willing to change, then I would look for another property management company. 

All these people who are great at managing properties started out with no knowledge. Just put enough time to educate (biggerpockets, reading, networking, etc.) yourself, and you'll get there!