It is not necessary to set up a property when:
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The owner has only one unit
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The owner has more than one unit and they are all single family residences
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Set up a property when:
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There is more than one owner for a unit or group of units with each receiving a 1099
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The owner’s portfolio consists of more than one multi-unit property
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The owner wants a separate check for each unit
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The owner wants a separate set of books for each unit
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If an owner has multiple units, the normal process is to set up one owner profile and make him the owner of every unit. The owner's units are reported on the owner statement and the owner's money can be shared by all units. Although financial records are maintained by unit, balances are maintained by owner.
Sometimes owners want a balance for each unit in addition to cash flow. This is done by setting up a property for each unit or grouping of units. Each property has at least one owner. Financial reports can be produced for the property and for the owner combining the properties.
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