My wife is currently doing my bookkeeping (she’s Very organized!)

After working my way through taxes this year that involved a few properties and a rehab I realize i need a better way to do book keeping during the year.

When doing a DFE or delayed financing exception you will be wiring that money back into your business checking account at closing if the business account originally dispersed the funds to purchase the property initially.The above is the financial and accounting end of it and the logistics.However, on the lending end if you need more funds because you're going over budget then you'll need sufficient income, assets/reserves, and credit to qualify for the new mortgage.Depending on how the property is currently titled you may have to QCD (quit claim deed) that property back into your name to close.This of course brings many other issues such as taxes and bookkeeping back into the foreground so consult with your tax pro on the implications of this as it may mistakenly create a taxable event depending on your business entity.Back to the lending end, assuming this is not a portfolio loan, you'll be closing your conventional loan into your personal name or your living trust.The funds will be wired to the entity or account that purchased the property in the first place (back to business acct if original cash purchase was from business acct).Let me know if you have any questions on the above.

I am fairly good in bookkeeping and recorded most of my real estate biz expenses in my tax spreadsheet.

The client purchased QBO expecting they would no longer have to do any bookkeeping/accounting.

Always Did our own work" and had Rental units, until the Crash.......Question is, we had some people which stepped up to join with us if interested to form a LLC Partnership, We decided to do it, they buy the Property, and are Silent Partners hands off everything, we Handle everything day to day, do the work and Split the profits, 50/50 which we agreed, we just finished our 2nd house and sold it, closed , and ready to move forward to the next, however, in the middle of the 2nd house, they brought us a paper, kind of an operating statement of responsibilities, the 1st house we split about 40,000 and we were told on this second one, that they have to collect interest on them loaning the LLC. money to purchase the property, we thought that this was just a formality,and they would then have to put money back in, "on paper" which would be for the purpose of the  IRS, but we were told, that's the way the Book keeper said it had to be structured, so the project took longer than expected, to finish and sell...........but they have been instructed to treat these houses as inventory, new for us, as we never had partners before, short story long,We only ended up clearing a 13,500 profit, but turns out the interest was really going to go to them, along with a 50/50 split, so almost 10,000 dollars in interest, plus we split the remaining 3500, so we didn't do that well. obviously, is it ever customary for private money investor, to get a chunk of interest and 50% of the profits, I was not aware of it actually going to them, as real interest, since they receive 50% of profits as well, I feel like we must be the biggest fools, and duped, has anyone ever tried to pull this off?

I project the cash flow to be ~$5K/unit month (~$10K/RE month), this leaves $5k/month for maintenance, cap ex, PM (high fees but worth it), utilities, STR taxes, and misc (book keeping, rent unit tax, etc.).But the CF is also not a zero appreciation area.  

A month ago, I helped a friend who is a landlord do her book keeping and it opened my eyes to the gains and benefits of real estate investing.

@Mike S. you'll certainly learn a fair amount about the process as an LP, but if you really want to get involved in the day to day you'll likely need to find a Sponsor who is willing to let you get in on the GP side in return for some specific skill(s) you bring to the table (deal sourcing, underwriting, capital raising, bookkeeping, etc.).

Finally, owning in just a couple locations has also made our bookkeeping easier with limited income statements coming in.