hey guys, quick update we finally got our four-plex and we are super excited. As I mentioned before it is my friend and her husband and I. Each contributed a third of the amount for down payment, since I'm single I'm ...

I just need to be able to track expenses and allocate to each project.

I absolutely collected first, last and security for my class-C rentals until NYS prohibited that practice back in 2019.Many tenants cannot manage their money properly, so this mitigates the issue of not being paid last month's rent when they need to move and the new landlord is receiving those funds they have allocated for their housing during the last month of their stay.This was also helpful to me to pre-screen who has their financial house in order and had saved for their moving costs as part of their planning.If I still could, I most definitely would - without exception.

Specifics such as build-out costs and how they were allocated, lease term (5/10 years), NNN vs Gross, etc would be super helpful. 

Even if there has been no vacancy, vacancy needs to be allocated as there will almost certainly be a vacancy. 

What you may want to consider is bringing in an equity partner to fund a portion of the deal and have you manage it and find a way to allocate the profits to each party. 

Assets identified in this study include:Bathroom Fixtures: Bathtubs, vanities, showers and toiletsStructural Components: Drywall, wood framing and interior partitionsBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileSmoke detectorsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

Once you have that answer, then you can start to see how you can allocate your equityGino 

 $1800 (high end of rent range) - $1535 (hopefully mortgage includes full PITI) - $90 (5% vacancy) - $400 maintenance/cap ex - $180 PM (at that low rent point I am using 10% all inclusive) - $50 misc (bookkeeping, utilities that are not tenant responsibility such as slab leak, tax man, allocation of asset protection, etc).  

As for the voucher, I ask for a copy of the front page which shows their allocation upfront.