Buying an apartment complex tips

[Jonathan M.]

Hello BP!

Hello everyone, in the coming months I want to be prepared to bounce on apartment complex deals due to covid-19. I am looking for a lot of advice for after I purchase the asset and how to effectively run the property. Id like to know how experienced apartment owners run there property from start to finish.

-Best way to finance a property over 6 units?

-How should I handle security deposits and rents? Should I open an account for each unit?

-Should set-up an additional LLC for managing the cash-flow and the property?

-How should I structure taxes in getting the biggest deductions? if I am considered a full time real-estate professional?

-Is there a software that investors recommend to track everything?

I am a relatively new investor to the apartment complex world, I have not done a larger scale project more than 4 units.

So far I am pre-approved with a commercial lender, I have set-up an LLC to purchase a complex. I have a real-estate attorney to handle title/closing and CPA for taxes.

Please if anyone has anymore advice other than the questions asked above pls elaborate. Thank you everyone!