(Two tenants, bounced checks twice - ugh) I use the method of each tenant gets an invoice created each month, then I accept the payments, create a deposit and record it, and take it to the bank.After a few days the deposit shows up in QB and it gets matched to my deposit in QB.But I just have no clue how to account for these bounced checks since the bank has already matched them up with QB. 

When investing in rentals, from what I have understood, the idea is to use others money to create cash flow for yourself, this is fantastic, but when do you focus more on paying off your units rather than making more deals?

I'm looking to expand and I'm curious on opinions if I should create an LLC or Co. before purchasing my next property.

We did do a lot of the extra's to attract better tenets and create long term resell value.

If you want to be proactive, set up an access panel from the get-go so that when something breaks a plumber isn't rushing around with creating an access point, since you have a panel that was set up at a leisurely pace X years prior (no guarantee that your plumber will be all that great at putting siding back).

@Kathy HacmacI don't allow any sort of painting.I've put together my apartments so that all the walls will need is a quick washdown with TSP, hole and crack repair, some touch-up primer (maybe), and another coat of colormatched Glidden Premium to come back to where they were before I rented out the place.The brick duplex that I'm currently renovating was custom-built in 1923 for an heiress of a prominent local family in the historic borough of Munhall, PA, just outside the city limits of Pittsburgh.

He is generating $150 extra after mortgage, bills, and saved costs for repairs.As we move into the direction of life and family future, we are looking at ways to create more financial freedom.

Also, does anybody have any input on creating LLC's for your different properties?

You could even go a step further when generating the contract and create monetary incentives for hitting milestone dates (i.e. $300 bonus if roofing is done before July 1)

I don't have any earth shattering secrets you can't find in books, but I can share actual experiences, timelines, prices, rehab costs, insurance costs, rental roles, property management and tips for how I've created a 19 unit portfolio worth almost $1M and generating over $100k annually inside my IRA, starting from a relatively small initial investment.