This will be a liability account called "Unearned Profit Distributions" or something like that.Then, at the end of the year, when the actual taxable profits of the child LLC are finally known, you make one journal entry to debit that liability account and credit a revenue account for only what is being reported to you on the K-1.So the books for the parent company will look like this:January thru Dec, monthly entry:Cash - Debit $100Unearned Profit Distributions - credit $100.So on December 30, you have $1200 in the cash account and a $1200 balance in Unearned Profit Distributions (the liability account).Then, in March when you get your K-1, you find out that your taxable profits (maybe due to depreciation or whatever) were only $1000.So on 12/31, you do the following journal entry:Unearned Profit Distributions - Debit $1200.00 (to zero the account out for the year)Member Draws (an equity account in the parent company) - Credit $200.00 (This will be the difference between what you drew and what is reported as income from the K-1)Revenue from Child LLC - Credit $1000.00 (This should match the K-1)When doing your tax return for the parent, you won't really do it on form 1065 of the partnership, you'll just report all of the child K-1s on form 8825, line 20.

The CPA can guide you on your REI journal and (legally) keep the government's hand away from your wallet.

(General Journal entry)BTW QuickBooks Online is not good for Landlords. 

While I currently dont have access to any economic journals subscriptions as Im laying in bed, one merely needs to look at very plainly laid out information historically.

My process has to be detailed, accurate and reproducible or I would never have made it through the peer-review process to have research published in academic and industry journals or be invited to present at finance and real estate conferences. 

QBO may require basic knowledge of journal entries over Quicken RPM that @Brie Schmidt has mentioned.

Local stations have been bought by big companies and have been scaled down so much to try and make as much profit for the company that journalism in itself is going down the drain fast.

Tim,Attorney Lem Marshall who is Special Counsel for the Virginia Association of Realtors (VAR) would disagree about who benefits from a short sale flip.A few months back Marshall endorsed the short sale flip process and explained the benefits to all parties in a journal for Virginia Realtors.

This thread is a bit old - so may or may not be beneficial to anyone here, however to any experienced investors, there is a company in Wichita that has substantial investments in this niche and would do joint venture deals with experienced investors per their website.If you google their name and self storage you'll find numerous articles by business journals all over the country.  

Don't use your agent like a new toy, be ready to make serious offers.One of the best ways to become market savvy is to look st 50 houses before making even one offer, keep a journal, price per SF, note comments from sellers and agents, copies of listings and all supporting information, do this and you will know the market as well or better than agents..... do this and the only relationship you'll need is with yourself and the market.Cheers, just my opinion --- Charles