All Forum Posts by: Cathie Kovacs

Yes on the LLC. Don't know about the lease.

@Scott Smith

The state list is online. Not sure what you need help with. 

 @Scott Smith doesn't having common ownership (the parent LLC) leave all the assets of the parent exposed when one of the child LLCs gets sued?

How many Schedule Es are required under the Series LLC structure? One for the parent (in summary for all children?) or separate ones for each child?

I consulted with a tax attorney last week about how to simplify the "separate LLC for each property" matter and a Series LLC was not suggested. Sounds like I might need a better attorney. I'm looking to avoid having 10 different bank accounts (1 for each LLC/property) because life is already complicated enough, right?

Yes you can limit what they see in QBO but not what accounts they can choose from. Major limitation because who knows what they’d code things to. Could make a mess of your accounts so I don’t recommend it. 

Receipt Bank is idiot proof. If they can take a picture with their phone, they can use Receipt Bank. You can set up rules by supplier and it’ll attach the receipt to the transaction in QBO (which is great in case of audit or if you have questions later). 

The only caveat you should be aware of is that Receipt Bank will push the receipt to QBO and hopefully find a match in Bank Feeds. If you have already dealt with the expense in the Bank Feed, Receipt Bank’s version will become a duplicate. Best to wait for the receipt before adding items to the register from Bank Feeds. 

Push the received payment to Undeposited Funds. When you select it to add to a bank deposit, add a negative line item to management fee expense. Tenant credit is correct and bank deposit is also correct using this method. 

If you’re using Quickbooks Online, you can use their mobile app for this. 

But I’d recommend Receipt Bank for this. You’ll have to assign the categories but at least you’ll be looking at the receipt when you do so your people can write notes on them first before uploading them via the Receipt Bank mobile app (super easy to use). 

  Careful here. In CT at least, they may carry rabies and I wouldn’t recommend involving a dog for this reason. 

Quickbooks all the way!

There are several things you can try (former NWCO here)....

If you know where the burrow entrances are (there’s more than one), put used cat litter down the hole. 

They don’t like mylar balloons. Put a few, weighted, around the yard for a few days. Move them around too. 

Best to do these things at the same time to hit more than one of their senses at a time (smell & sight, in this case) so the message to relocate is clear. 

Why do you want to evict him, if you have no landscaping or vegetable garden being damaged?

As to fencing, your going about it wrong. They’re powerful diggers. From my local DEP:

An effective method of controlling woodchucks, and other wildlife, in a garden situation is to erect a fence. A sturdy fence at least 3 feet high will keep most medium-sized animals out. However, woodchucks may try to burrow under the fence. It is recommended that the fence extend underground another 1.5 to 2 feet. Woodchucks have been known to climb over fences, in which case a 1-foot extension that is bent outward at a 90-degree angle should be added to the top of the fence, or the fence be "loosely" constructed to bend outward when an animal attempts to climb up.

Hope that helps