All Forum Posts by: Miles Curtis

@Natalie Kolodij @Chinmay J. Thanks for your responses!  Let me follow up with a very broad question: if I choose to move forward with a CPA, how do I find the right person?  I may try networking through some investors/friends in my area, but any advice from either of you? I'm looking to form a long-term relationship with somebody who has an aptitude for real estate and investments.

I will be filing my federal and state taxes for the first time as a co-owner of an LLC that owns 3 rental properties. I've always been a TurboTax user and I'm hoping to get some advice on which product of theirs will best help with my preparation. Based on my research, I think I may need the Turbotax Premier, but this seems like it may be deficient for capital gains reporting, which is also a small part of my overall income.

About me: I work full-time as an engineer. This is my primary source of income. Real estate LLC is part-time/after hours and is my secondary income. Third would be capital gains and dividends from stock.

Any advice would be greatly appreciated!

Thanks,
Miles 

Deanna, very helpful.  If you you were inheriting a M2M tenant, would you push for a new year lease or continue with a M2M contract?

Greg, thanks for the feedback.  I did a little more research myself and I think that security deposits are supposed to be maintained in escrow.  Makes sense on the new M2M lease, not looking to ruffle any feathers.  Thanks for the feedback!

I was discussing these questions with a friend of mine who is about to close on his first property and I thought I'd pass the questions along to the forums:

1. If you purchase a property and inherit the tenants, tenants who most likely paid security deposits at one point, how is the legal transfer of the security deposit money handled? How do you ensure that the money doesn't disappear during the transfer? Are landlords required to keep the security deposit in a non-personal account?

2. How have you handled the inheritance of tenants who are month-to-month? Do you usually continue month-to-month or do you require a resigning of a lease? What is good etiquette in this case?

Appreciate any feedback!