Originally posted by Account Closed:Steve Vaughan that's a great idea!

No accounts in collections on credit report.I also charge a 20% ($60) late fee on the 2nd and a $20 per day late fee everyday the rent is late.

Currently I'm flipping a house in Burlington County but looking to buy more value-add rentals throughout Jersey and New York.I have a few questions for the community, where did you find your Accountant?  

Talk to your accountant and decide what is better.

I owned that rental and literally used the cash flow to build up a reserve account.

Set up an escrow account that I make payments to?

thanks Account Closed  I'll look into the ground panels

The one on bankrate is pretty useful too.I would also share the same thoughts that Account Closed has as well. 

The year of your 1031 exchange your accountant filled out the form 8824 with your 1040 which reported the 1031 and allowed to allocate basis among the 8 and set up new depreciation schedules. 

But, you should account for those expenses that eat into your cashflow.