However, we’ve acknowledged our shortcomings, and will address them by outsourcing things such as book keeping to qualified professionals. 6.

My question is, on a scale of 1-10 how smart is it to do the following steps before closing my first deal:Getting a virtual assistantBecoming incorporatedStarting a marketing campaign using direct mailCreating a websiteInvesting in software (CRM, bookkeeping software, etc)Thank you in advance for the feedback

I'd recommend choosing one based on your top priorities - for example, some of them are better than others in terms of accounting and bookkeeping, whereas others might be stronger for rental listings or tenant screening.

What is the advantage of this--simply to make bookkeeping less complicated, or does it give some kind of extra asset protection?

Edita,How many accounts you have or need somewhat depends upon your bookkeeping system and your cash management practice.

If your properties are cash flowing and you're making money, then take the burden of bookkeeping off your shoulders.

Assuming so, you only need one credit card, one Home Depot card and one QB file for each LLC (not each property).But, in general, you will find that as you acquire more properties, your bookkeeping efforts will increase and things will get more complex...

Have you also been able to use it for any bookkeeping?

This would reduce bookkeeping and other expenses, but would allow for liabilities to cross properties.

It will make your bookkeeping much easier in the future.