Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%, 30yr amort (liability)The BFD sale price was $300k, with a $45 downpayment, $255k financed at 5.5%, 25yr amort, 3yr balloon (asset).All transactions are run through an escrow agent, and we just collect the net difference monthly (~$325 or so).   

The best part about it is most of our houses can sleep 10+ and it collects everyone's info, not just the person who books. 

We use Rentec Direct and really love it.It collects our rent, applies late fees, deposits our rents in our bank account, tracks expenses, screens our tenants, markets our properties, generates forms we can send out for docusigning by our tenants, tracks leases, and much more.  

Best way to avoid crap like this is to collect non refundable earnest money. 

But when I was an agent, learning some basic Python and VBA (Excel) really helped me save time in the process of collecting and analyzing real estate data.I've been working with technology for the last 25 years; sometimes you don't need sexy, you just need a tool that works.It's a sin that, we technologist, fall for often: searching for sexy instead of "this old thing just works" :)

Mainly unpaid collections and a few liens.  

@Clare CuiI would requalify her - meaning have her provide you with unemployment amounts, how long she is able to collect and also how much $ she has in bank just like I would do for a new tenant

Collect deposit?

collect payments from mostly wealthy renters.  

They collect your rent, apply late fees,  deposit your monies into your bank account, market your properties, track expenses, screen your tenants, etc for just a few dollars a month per door.