QB question for fix and flips and rentals

[Michelle Speer]

We have been doing fix and flips for over a year now and only used one LLC for all of them. We are in the process of switching to a C Corp to oversee multiple LLCs, specifically one for each property. We will also be keeping some of the properties as rentals starting next year.

My strategy for bookkeeping currently is to have each property in a separate class to track profit and loss. The idea of having a separate QB file for each property sounds very complicated, at least for the fix and flip aspect of the business. I am thinking of creating two QB files, one for fix and flip and one for holds, then separating each property into classes. Does this seem logical or does anyone have a better suggestion?

Other side question: I am planning on having one credit card for the company. I'm thinking that when I charge it to a particular property, then I would just pay the credit card for the particular amount from each individual LLC's bank account, while paying for overhead credit card charges with the main business bank account. I guess this is part of where I think the confusion could come in if I have multiple QB files for each property, trying to keep that all organized sounds like a nightmare.

Any suggestions are appreciated :)