Got my First property. Do I need a REI Accountant?

[Ralph Noack]

I have just completed my first deal. Yay. I purchased a legal duplex which I am hoping to make into a triplex (move some walls, add a kitchen, separate electrical meters, etc.). Deal closes in early July; the transformation may take 6 months or so (with renos & red tape from the municipality). The plan is to purchase more  down the road. I already have an accountant for my roofing contracting company Actually he only does my year end stuff & provides me with my financial statements for tax purposes & that's about it.  His services only cost me about $350 per year. I know that's not much.

My lawyer said that without a doubt he wants us to set up the new business as a corporation.

My Question is: Do I need an accountant specifically geared toward Real Estate Investment? or can I just use my regular accountant? 

As well how much should I expect to pay for an accountant for my REI business? And what should I expect of him/her?

FYI we are in southern Ontario.