Studios and property
Bookkeeping for rental property owners
Each property is its own small business. Your books should show how each one is doing, not just the total.
Updated October 4, 2026
In short
Small landlords with one to ten units collect rent directly or through a property manager, and pay mortgages, insurance, taxes, HOA fees and repairs. We track income and costs per property, reconcile property manager statements, and split mortgage payments into principal and interest. Most small landlords fit our Simple tier.
How the money moves
How money comes in and goes out
Rent arrives through a rent platform, a property manager's monthly owner statement, or a tenant's transfer. Property managers deduct their fee, repairs and reserves before paying you.
The costs are mortgage payments, property taxes, insurance, HOA dues, repairs, turnover costs between tenants, and in Florida, hurricane prep and roof work that can arrive all at once.
Common problems
Where the books usually go wrong
Owner statements netted
A property manager deposit of $1,640 might be $2,100 rent minus fees and a plumber. Each piece belongs in the books.
Mortgage payments
Only the interest is an expense. The principal reduces the loan. Booking the whole payment as an expense is a common mistake.
Repairs vs improvements
A new roof is treated differently than a fixed leak. Your accountant needs them separated.
Every month
What we do every month
- Track rent and expenses by property
- Reconcile property manager owner statements line by line
- Split mortgage payments into principal, interest and escrow
- Separate repairs from improvements for your accountant
- Keep security deposits tracked as money you hold, not income
A month of books, for example
An owner with four single-family rentals, two self-managed and two with a manager, receives rent through a rent app and two owner statements. Each month we'd record rent per house, split the four mortgage payments, and break the owner statements into rent, management fees and a $380 AC repair. At year end, his accountant gets a clean profit and loss for each property.
Illustrative example, not a client story.
Getting started
What we need from you
- Property manager owner statements and rent platform reports
- Mortgage statements for each property
- Receipts for larger repairs or improvements
Software and statements we work from
- AppFolio owner statements
- Buildium
- Avail
- Baselane
- TurboTenant
- QuickBooks Online
Price
What it costs
Owners with a few properties usually fit Simple, $200 to $400 a month. Separate LLCs per property, or more than ten units, move the price up.
One flat monthly price, set after the free review. See the pricing guide or estimate your tier.
Questions
Common questions
I have an LLC for each property. Is that a problem?
No. Each LLC gets its own set of books or class, depending on how your accountant wants it. More entities means a higher price.
Do you handle short-term rentals?
Yes. Airbnb and Vrbo payouts are split into rent, cleaning fees, platform fees and taxes, the same way we handle other platforms.
What about depreciation and 1031 exchanges?
Those are for your accountant. We give them clean books and a list of improvements with dates and costs.
Do you collect rent or pay bills?
No. We keep the books. Rent collection and bill pay stay with you or your property manager.
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