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ejaigner
January 15, 2018
Solved

Best way to set up multiple rental properties?

  • January 15, 2018
  • 1 reply
  • 90 views

I have a client with a regular service business, but he also has 6-8 individual rental properties.  I think we will set up separate LLCs for each property.  What is best way to hande in QB Online?  I have not dealt with rentals before.  Should each property be set up as a separate company with it's own asset (the rental), income, and expenses to get an income statement for each?  Or is there a way to set them up in one company in QB.  Is Online the right product to use?  I can't find anywhere online, but I think QBO charges per company setup, so having 8 different companies could get expensive.  Thanks.

    Best answer by Rustler

    @ejaigner

     

    The prevaling rhetoric on the net is one LLC per property, which per the IRS means one accounting file for each, so yes in QBO that is one subscription per company.  You can get by with essentials if it is one property per llc.

    desktop is one purchase price and as many companies as you wish (as your hard drive will hold).

    He needs to consult with a couple of business lawyers as to whether or not multiple llc's is the way to go.

    If all the rentals are kept in one company, then QBO Plus is needed, only one subscription though.

    a single subscription to QBO is 3-4 times as expensive as desktop over the 3 year support life of desktop, see this comparison, the cost is toward the bottom of the article.  a non partisan comparison of QBO vs QB desktop
    http://onsale-apparel.com/Rustler/qbo-or-qbdt

    1 reply

    Rustler
    RustlerAnswer
    Level 15
    January 15, 2018

    @ejaigner

     

    The prevaling rhetoric on the net is one LLC per property, which per the IRS means one accounting file for each, so yes in QBO that is one subscription per company.  You can get by with essentials if it is one property per llc.

    desktop is one purchase price and as many companies as you wish (as your hard drive will hold).

    He needs to consult with a couple of business lawyers as to whether or not multiple llc's is the way to go.

    If all the rentals are kept in one company, then QBO Plus is needed, only one subscription though.

    a single subscription to QBO is 3-4 times as expensive as desktop over the 3 year support life of desktop, see this comparison, the cost is toward the bottom of the article.  a non partisan comparison of QBO vs QB desktop
    http://onsale-apparel.com/Rustler/qbo-or-qbdt

      T
      TheDoctor165
      May 9, 2019

      I am also interested in this topic; however, I am more interested in the finer details.  I have one LLC with one property but 4 units in each.  I am at the company setup dialog for Desktop Premier 2019 (I know, I don't need Premier - but that goes off the topic.... lets just suffice it to say that is what I have).  Do I add the rental units as products, services, or leave the products and services empty?  I have a property manager that collects the rents and forwards them to me itemizing the collections in an income spreadsheet, itemizing the rents received from each unit.  I am just not sure how to setup the company file most efficiently.

      AlcaeusF
      AlcaeusF
      Level 14
      December 25, 2019

      How can I get a vacancy report?  I am going to use Class for Building #, Customer for Unit # and Customer Job for tenant.  


      Thanks for joining this conversation, @Millers Lane.

       

      In QuickBooks Online (QBO), the ability to pull up a vacancy report is currently unavailable. As a workaround, you can run the Sales by Class Detail report. However, this will only show the classes (building number) that have transactions entered. You may also consider looking for a third-party app.

       

      Here's how to pull it up:

       

      1. In your QBO account, go to the Reports menu at the left pane to get to the Standard reports tab.
      2. Type Sales by Class Detail in the search bar and press the Enter key to open. 

       

      Just in case, I'll add this article for future reference: Run reports.

       

      I'll pass along your suggestion to our Product Developers. They're always looking for ideas from users to consider how to improve QBO. In the meantime, I recommend visiting our Blog site. This is where we share recent happenings and future developments, such as updates to newly added features.

       

      Let me know if you have any other issues or concerns by leaving a comment below. I'm more than willing to assist. Happy holidays!

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