I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

Like an asset manager.  

I don't think it really matters what you record in QB if you need this for taxable income purposes, your accountant is going to make whatever adjustments they need to make anyway.The only depreciation tracker I use is the fixed asset schedule my accountant provides with my tax return.

Hi Cliff,Here are some things to consider:Liability Protection: One of the biggest perks of having an LLC is that it helps protect your personal assets.

Based on your asset statements let’s say a $400,000 all in cost build at say 7%

Every state has their own laws, court procedures and legal forms pertaining to how decedent's estate are handled, including creditors and heirs.The rules vary widely, however you ought to decide if you are looking to buy the asset (real estate) from the person in charge or the interest of heir(s).Generally speaking, you'll probably want to buy the real estate, so you'll be looking to contact the person who will be able to sell it to you, typically called administrator, or if named in the will, executor, or by the generic term, personal representative.So, I suggest you ask the clerk at your probate court which document will contain the name and address of the person in charge.

Is the 1245 property still "fundamentally equivalent" when changing asset classes? 

Once the judge found for the plantiff it became a judgement and ATTACHED to that person as well as ALL assets that defendant owned including all real estate. 

I don't mean to imply that managing large assets is particularly easy, but you have nothing to manage if you can't raise capital.Raising capital is all about sales 101: you need to get people to know, like and trust.  

On my balance sheet I have to assets: 1.