Turning An Investment Property Into a Business

[Joshua Bowers]

I have a house that I lived in for a couple years, moved, and now it is my first rental property out-of-state. I have a property manager and other than that I'm pretty much hands off.

I'm currently reading a book on rental property and have realized that I'm making a terrible mistake. I'm not running it like a business and not tracking anything about the property including expenses and depreciation. I now know I need to master this before buying another property.

How do I get started with this? Anyone have an excel spreadsheet that outlines what I need to track?

Josh

[Brent Coombs]

@Joshua Bowers, my guess is that therefore, ALL your tax issues could be in shambles? I reckon rule number one is: owning even one rental means - needing to find a good Tax Agent. My 2c...