I get MTR leads from Airbnb and do bookings through the airbnb platform.I use apartments.com to manage my Long term tenants and collect rent.What do I need to keep in mind for starting off on the right foot for book keeping?  

Each year by January 31, you or your bookkeeper has to total up how much you have paid to each person and issue each one a 1099, which is a simple statement of that total amount with your contact information as the payor. 

@John Marlin, we are using virtual assistants to manage our accounting and bookkeeping and have many clients that do the same thing.

Looking for a virtual assistant to help with some messaging tasks, bookkeeping type work, and some reporting.

Otherwise, I spend a few hours on bookkeeping each week, but that includes all my properties and business entities. 

I highly recommend it.If you have any other questions or need any bookkeeping or tax help, please feel free to reach out.

There may be some reasons why it's not and only a CPA, EA or Tax Attorney that understands your full picture will be able to offer good advice on that.The Mgmt company will be it's own complete and separate entity with no ownership over any of the other LLCs.You may choose to have an umbrella LLC over the LLCs that own the property, but that's not really necessary.Set up your bookkeeping for the mgmt company. 

I use Baselane because it has banking, rent collection and bookkeeping capabilities all within one software. 

For the shoe store that would include things like your utilities, rent on your store, the salaries you pay your employees, bookkeeping, advertising, insurance, and probably lots of other stuff.

- My rentals are in my name...so it may look less "fishy," and be easier bookkeeping, for Angel Property Owner to pay PMC LLC for services, rather than Angel Property Owner making checks to Angel Property Manager 3.