Let’s be real: Not every deal is going to close. 

A good real estate accountant can save them thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend that they find a tax accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.I would also recommend that they look for a accountant willing to work with them throughout the year, who can help them strategize and who is responsive when they want to know the consequences of the financial decisions they are making throughout the year.Good luck.

I had a residential brokerage business in Menlo Park and lived in San Carlos for over 30 years.

Not only will lenders be effected, but borrower credit, business loans, inventory, and auto credit will suffer when those effected have to relocate, find long term replacement housing and their livelihoods and income are destroyed.

It's a business.

My initial thought is that you are buying a business.

Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?

The US Government and the States have but one way to deal with this, taxes.

Plus Mike's Deals of the Day!

I also use amex for my business CC.