Getting the basics right early is critical—properly establishing your cost basis, allocating between land and building, and correctly splitting personal versus rental expenses.A cost segregation study may or may not make sense in your situation, so it needs to be evaluated specifically rather than assumed.

., Proper or similar)?

Then comes all of the front end soft costs. . .I absolutely agree with you...i know that my projects need to be structured precisely to succeed...thats why im currently seeking knowledgeable individuals on the subject to learn from and properly prepare for the task... 

CAUTION: Some situations can get hairy if you don’t know how to properly engage the occupants.

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully.

Expenses live in QuickBooks, not Buildium.Maintenance costs, utilities, insurance, repairs, loan payments, all tracked in QuickBooks with proper accounts, classes, and tags.

For Vacant pics, I take RTR (Ready to Rent) pics with very full detail, and then a separate series just for marketing, to ensure I focus on composition for that purpose.Each to their own, but we actually prefer videos and have for 16+ years:)So do our clients, as the proper narrated video is the next best thing to them walking through their property😀Pics can be staged and hard to visualize or ID what's in the pics.FYI: the videos are private and for our use and court only.

Find out about the history and makeup of the accounting and office staff, make sure they are long term, and properly qualified. 

The legal concept is called negligent hiring — the PM company is liable for failing to verify the vendor was properly insured before dispatching them.I spent hours every week just chasing down updated COI documents.

As Josh noted above, it's really all about proper tagging and making sure each expense is categorized properly and coded to a specific property.one other tip is using an accounting system, you should be able to attach receipts as opposed to having paper receipts.