This ensures you’re protected in case of an audit or any legal questions.4.Consult a Real Estate Attorney•This step is critical!

It would be smart to do a full lease audit, estoppels issued, and tenant interviews.And if you are buying cash, there is nothing mandatory, since it is your money at risk. but again, physical condition inspections, understanding of tenants (they are a great source of information about issues with the property that the landlord may not know or may not disclose), surveys to understand accurate property lines, etc.

Having proper software and systems3.

Investors should therefore exercise significant care when choosing their Qualified Intermediary because of the critical role the company will play in the administration of their 1031 Exchange transaction.It is extremely important to note that 1031 Exchange Qualified Intermediaries are generally not required to be licensed, regulated, audited or otherwise monitored by any regulatory body.

You must use a PMS and for the software to work you'll need to own the listings, which means you'll need to also collect all the funds, so owners' rents don't get deposited in the wrong account (Yes, Airbnb makes that mistake all the time!!).

Also can you share me the best software to manage pricing?

@Eric Chappell this software does seem pretty cool.

One of the big ones is that accounting software can keep track of partners' contributions and partner equity. 

Hi all,I tried Magicplan and found that it could not create a floorplan using my Android tablet's sensors as advertised and it's room-focused approach made doing a manual plan very difficult.So I thought I'd see if an...

Hi BiggerPockets community,We are a married couple based in the California Bay Area, both working as software engineers with a combined income of close to a Million USD.