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ejaigner
January 15, 2018
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Best way to set up multiple rental properties?

  • January 15, 2018
  • 1 reply
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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
    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

      6
      606corp
      October 18, 2018

      I have the exact same issue but am constantly travelling. Our bookkeeper is in one place, but I need access to Quickbooks as well, which makes it difficult if only one computer is licensed for Quickbooks Desktop. One work around could be to purchase two copies of Quickbooks Desktop and constantly update with a backup file from myself and our bookkeeper, but this seems ripe for mistakes to occur. Is it possible to set up multiple properties within Quickbooks Online Plus? I've heard talks of setting up different classes for the different LLCs, but am not sure if this will actually work. In summary, we'd like to manage all of the LLCs online with the least expensive option possible. Ideally, the solution would allow for creating consolidated financial statements of all the properties or a select number of the properties (properties 1 - 5 in a consolidated financial report, properties 1 & 4 only in a consolidated financial report, etc.).

        A
        AlkisV
        February 19, 2019

        What did you end up doing? I am in the same situation.

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