The point is that the tool he's using is 100% suitable for his everyday bread-and-butter work.

Basis is extremely important in these entities and if audited can and will come into question. 

All in all - owning a place to rent to other people is a business, and business decisions need to be made based on that cold hard facts and not on an emotional basis, unless someone wants to quickly go out of business.

I realize this is a case-by-case basis.  

It’s the most dangerous thing we do everyday, we carry liability insurance through our personal auto policy.

Unfortunately, im the only person that responses, communicates and speak to clients on a daily basis for that I receive also the blame. regardless I will continue to be here to help any and each one of you all the way until you receive a home or your deposit back.

For residential properties with a basis of less than $1.2 million, check out our online DIY Residential Cost Segregator. 

They happen every day.  

Essentially, it was one account with the bank tracking individual tenant details on your behalf.That said, it’s critical to ensure your financial records remain accurate by reconciling the account on a monthly basis.

The first indication is you spent $290k for $1800 cash flow or a 0.62% monthly ratio.Rent $1800 - PITIH $1480 - $180 (pm) - $90 (vacancy at 5% which is lowest i ever allocate in my underwriting and likely low per the OP description of a lot of new development) = $50 for all other expenses.Maintenance/cap ex on 4/2, 2100’ will exceed $300/month even in cheap labor markets on sustaining basis.