Tracking Flip Expenses for a Financial Partner

[Chris Evans]

I am about to partner with with a local business owner with little real estate experience. He has no interest in being involved with the day to day activity, coordinating of contractors, etc... Basically, he wants to fully fund the deal (purchase of the house and all rehab), and I'll make the magic happen. He is even fine with me/my LLC being the owner of the property during the project. Obviously, I will be talking with my attorney to make sure all documents are good and we know each other's responsibility. I want keep a good relationship with him for future projects by keeping everything completely transparent.

OK, finally my question...

I'm not a pro when it comes to spreadsheets, even though I have basic spreadsheets I use for myself when determining whether a project is a good deal, tracking rents, and so on. Does anyone have any input on whether there is a good template for giving my partner a good, clear, and concise weekly or bi-monthly accounting of what is going on with the project, and most of all how the money is being spent? I know if I build one from scratch it may be clear to me, but could also be over complicated.

Any advice for this, OR any advice concerning this partnership overall would be very helpful. Thank you!

[Omar Khan]

@Chris Evans You should actively move towards an accounting system like QuickBooks or Fresh Books. It will better help you track your expenses plus provide you with a robust system for your CPA come tax time. 

Spreadsheets are great but they will get clunky as they are not designed for these activities.