You might also do some research on what steps you can take to improve your credit - ie a prepaid credit card, etc. 

I wouldn't dare attempt to shame someone who is building their business because I didn't like it or had some "psudo-moral aversion" to wht they did, Please.As already stated, talk to a lawer, possibly join a "prepaid" legal service or legal network;  if it were me, I would become very astute in the area of contracts; moreover, taking a class is a very good idea, seeing how you may be in this business for many years, not a Guru class but a college level, legal contracts course.

Prepaid interest: Most states have online calculators to calculate loan closing costs.

.-  When I sell a property, I create a Journal Entry that records Debits of the various selling costs (which again, are already categorized as COGS), record a Credit of the sales price to an income account and records a Debit of the check/wire from the title company to a Cash account (though this could certainly go to a holding account if that's how you prefer to handle it and then move it to a Cash account later).- Here is what a selling Journal Entry looks like for me:Journal Entry for Flip Sale- If you have a mortgage payoff or other costs, you can obviously record those as debits/credits in the Journal Entry as well.- Once this Journal Entry is done, the project is complete in QB.  

The following is what I have so far...Debit Cash: $20,000 (i received a net $20,000 from the bank)Debit Building: $150,000Credit Long-term liabilities - Mortgage: $120,000BUT, The debits and credit doesn't add up (...which is a cardinal sin according to the accounting god :-) ). 

Sold for 150KI have created Fixed Asset AccountBank Checking AccountExpense Account for Rehab and InterestGain/Loss accountOwners Equity accountFirst there is entry e.g. 130K deposit to bank from Owner so I Debit Bank checking account with 130K and credit Owner Equity accountDebit Fixed Asset for 100K and Credit Bank checking account.For Expenses 20K rehab and 10K interest , Checking account Credit 30K and Expenses against rehab 20k  and interest 10K.How do I put entry for 150K which should offset fixed asset and rehab interest & paid interest paid and also gain/loss account ?

I'm thinking about signing up tomorrow but there area some heavy ($700) fines you can trigger for stuff like "violations" nonrefundable and automatically charged to the debit card in file.

Debit Cash, Debit Loan. 

Hi folks,Trying to figure this out and do the right thing while filing my taxes.I established an LLC to run my real estate business and keep it separate from my personal stuff.My leases are all under the LLC.Tenants pay electronically into my LLC bank accounts.Payments are made through LLC debit and credit cards.Property is under my name, not the LLC.

The way that process works is that three business days are required for our payment processor to debit funds from a tenant's account, and then within the next two business days those funds are deposited to your account.