Rehab- Business Accounting Questions

[David Robertson]

I am currently looking for my first rehab project and had some questions on the accounting process. I am assuming that I will need to track the amount of money used for the repairs, holding costs, realtor fees, etc in order to calculate profit for tax purposes.

What accounting software/practices do you use to track this information?

Should I establish an LLC and a business bank account to better track the transactions of ingoing/outgoing transactions?