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6 Property Management Tax Mistakes: Are You Making Them?

Buildium

Before doing anything tax- or accounting-related, consult a certified accountant. And, of course, consult a CPA to determine which deductions your business is eligible for. Legal and Professional Expenses You can deduct fees paid to attorneys, accountants, consultants, and other professionals for any work related to your business.

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How to Handle a Bad Contractor

SparkRental

The Big Picture On How to Handle a Bad Contractor: Keep detailed records of all agreements, payments, communications, and any issues with the contractor’s work. Before escalating, address the problems directly with the contractor, clearly outlining the issues and your expectations for corrections.

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How SB-721 is Shaping the Future of Property Management in California: A Comprehensive Analysis

Authority Property Management

Qualified professionals must conduct these inspections, including licensed architects, civil or structural engineers, or experienced contractors. Licensed Contractors experienced in balcony and deck inspections. Political and Legal Impact Regulatory Compliance: Landlords must adhere to new regulations to avoid penalties.

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Run better HOA board meetings: Tips and tools for association managers

Buildium

Compliance: Meetings help confirm that all actions and decisions align with the communitys governing documents and relevant legal requirements, thereby safeguarding the communitys interests. You should develop it in consultation with the board president and other key members.

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The Top 10 Mistakes Colorado Springs Property Owners Make (And How to Avoid Them)

Muldoon Associates

Ignoring Maintenance Issues There are so many mistakes that can be made with maintenance, from ignoring preventative services to hiring the wrong vendors and contractors. Consulting Experts. Implementing Compliance Procedures. Consult with an agent who specializes in rental properties.

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What Projects Require HOA Approval? Plan Carefully Before Starting a Project

Property Management Inc.

Again, it’s always important to consult the HOA’s rules and regulations before assuming what’s permitted without approval. If you gain approval, then you can move on to the next one which is finding the right contractors. In fact, your HOA may have a list of recommended contractors.

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What Is Property Management Accounting?

California Pacific Realty

Regulatory Compliance Making sure that all financial activities comply with local, state, and federal regulations, including tax laws and property management statutes, is critical to avoid legal issues and penalties. Tax Compliance and Deductible Expenses. Handling Contractor and Mortgage Payments.