Book Keeping For Long Distance BRRRR

[Dave Kapsack]

Hope everyone out there is doing well and crushing deals. 

Looking at the potential of doing a Long Distance BRRRR. One property as of now, either SF or SMF. Financing 80% of the purchase and all of the rehab costs thru hard money lender. Putting down 20% + other closing fees in cash. Opening up a separate business bank account (checking and savings) and using a property management. Is the bank statements and property manager's reports solid to use for both the tenant management/property management tracking as well as the book keeping/accounting? Would it make sense to use one of the programs out there for this? (IE: Quickbooks, Stessa, Cozy, other?)

[Basit Siddiqi]

@Dave Kapsack

It really depends on how detailed you want to be and what you are trying to track.

PM's will normally generate a report that tells you the rental income less certain expenses such as repairs, utilities, and property management fees. 

Property management companies are not responsible for paying property taxes, home owners insurance, mortgage interest, etc.

If your purpose is to just do your taxes, you can give the property management report, along with payments that you make to your accountant.
If you are trying to track everything then you would want to create your own report using an accounting software.