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6 Property Management Tax Mistakes: Are You Making Them?

Buildium

Legal and Professional Expenses You can deduct fees paid to attorneys, accountants, consultants, and other professionals for any work related to your business. You have to keep your money separate from your owners, and youll need a trust account to handle tenants security deposits, all of which is regulated by the state in which you operate.

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Understanding HOA finances: A practical guide for association managers

Buildium

From there, your insurance agent can walk you through whether your current coverage is adequate for the property and what the premiums will look like for the upcoming year. You’ll also need to budget for attorney fees. Since collections are heavily regulated, familiarize yourself with the rules.

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Making Money in Multifamily: Tips and Tricks for Smart Investors

American Apartment Owners Association

LEARN MORE Leveraging Technology In today’s digital age, technology can streamline property management make sure to hire a PM that uses Tech to your advantage: Property Management Software: Use software to keep track of finances, lease agreements, and maintenance requests efficiently.

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How to Buy Multiple Rental Properties at Once as a Short-Term Rental Host

Host Tools

Investigate Market Regulations: Some cities have strict regulations for short-term rentals. Familiarize yourself with tax benefits like deductions of mortgage payments, property repairs, and depreciation benefits for investment property. Research local laws to ensure your investment wont face unexpected restrictions.

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Master lease agreements in multifamily real estate: Best practices and insights

MRI Software

Targeting properties with motivated landlords or high tenant demand increases the chances of a successful agreement. Focus on multifamily properties, apartments, or privately owned buildings with consistent tenant interest. Check compliance with zoning, safety regulations, and local market conditions.

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How to get land zoned for multifamily

MRI Software

You’ll learn about zoning regulations, the step-by-step rezoning process, and how to build a strong case for approval. They regulate key factors such as building density, height limitations, and property usage to ensure urban development aligns with long-term community planning goals.

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The eviction process for multifamily properties

MRI Software

Multifamily property management software can be a valuable tool when you need to evict multifamily tenant. This software helps you maintain meticulous records of lease agreements, rent payment history, and all communication with tenants. The process begins with filing an eviction lawsuit in the appropriate court.