Currently, I do all the accounting for my LLC which owns SFR's. I sue Excel and for the most part it works just fine. I use it to keep up with everything but it can be time consuming. With 5 properties it's not too bad but I'm looking to move to software built just for this. I've tried to do research and it's just too overwhelming. I don't have time to demo all the systems so I figured I would reach out to the group that would know :)

My requirements are basically this:
MUST HAVES:
-- Ability to do multiple companies (LLC's in my case)
-- Ability to track depreciation and do depreciation re-capture
-- Ability to track purchase and sell and put items in the right area (expense vs balance sheet items vs adjusted basis items, etc)
-- Ability to manage all kinds of Residential properties (SFR's through Apartments. No requirement for true commercial yet).
-- Have a track record for Real Estate Accounting (i.e. I don't want a large package with a real estate add-on).
-- Ability to do cost segmentation
-- Handle contributions and distributions from/to members.
-- Automatically print a balance sheet and PnL based on entries.
-- Property Evaluation reports based on purchase price and appraisal.
-- Handle Re-finances
-- Handle properties with outside investors.

NICE TO HAVES:
-- Would like to find a cloud solution with multiple user abilities. (This is almost a must have but for the right software, I could forego it).
-- Ability to import transactions from my bank (even if just xls imports as my bank probably doesn't support direct pulls).
-- Ability to export to TurboTax

DON'T NEED
-- Ability to track inventory
-- Don't need to use it for "property management". We plan on using PM's exclusively for the near future.

I'm sure I'm missing some things but that's a good start. The bottom line is I'm looking for a program that was built specifically for real estate investors.

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