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Rental-Property Profits, 2nd Edition by Michael C. Thomsett

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5.

BOOKKEEPING BASICS FOR RENTAL PROPERTY

Some real estate investors make a dangerous assumption: The record-keeping part of the business is easy and can be done by a friend, a spouse, or an online system. These ideas are not bad ideas on their own merit, but if you lack the basic knowledge of how to keep records and why it is important, you could overlook some of the essentials. Many investors do not realize how complex real estate transactions can be, especially during times of repairs or working on fixer-upper properties.

MISTAKES WORTH AVOIDING

To start a discussion of basic bookkeeping, here are some useful guidelines:

1. If you don’t know ...

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