Hello,I am new to the site and am currently working on learning accounting and bookkeeping for our 1st rental property purchase.

I'd say your accountant needs to stay in bookkeeping and taxes and out of lending advice.All banks in all states do loans with recourse unless restricted by law.

You would then maintain the integrity of your structure by ensuring your bookkeeping records are clean and each transaction is tagged with which property it is associated with (even though all funds end up in one account).

Hope everything works out in the film business and with your book. Keep

The day-to-day operations would be handled by local property managers, and monthly books kept by an hourly book keeper.

I concluded yesterday after talking to a knowledgeable attorney and tax CPA $5-10K is about what I need to get the team of professionals(including a book keeper and knowledgeable insurance agent) that has creditable experience in real-estate.

50% of my work time is looking for deals, 30% is strategy/planning, 10% is bookkeeping and 10% is dealing with day-to-day issues that come up.

That does include taxes, insurance, maintenance (which is usually caused by the tenants so being newly rehabbed doesn't help), vacancies, any damage in excess of security deposits, make ready costs, utilities at least when its vacant, legal fees, eviction costs, book keeping, etc.

As we acquire more and more (mostly buy and holds, but also some rehabs for a quick flip) it's becoming more and more of a hassle to keep the books.I am yet to find an adequate piece of bookkeeping software which really lends itself to real estate investing.

.* At what point was the administration of it just too much, where you had to hire someone to help with bookkeeping?