Need help setting up new property in Dashboard, from start to finish. For example, you buy a property, renovate it, refinance it, then rent it.
Need help categorizing the following:
Initial purchase includes private lender fees, points, local state and county transfer taxes, etc. Do we categorize these expenses? If so, where?
Initial renovations to make property rent ready. Are they capital expenses? Would you break them down into specific projects (flooring, paint, windows, roof, etc) or categorize somewhere as a lump sum?
On the refinance. Where to categorize the cost of the loan (Similar fees as the initial purchase)? And also if you cash out, where should those proceeds be categorized?
Any incite or help would be great. Just want to be sure I’m getting initial set up correct so the numbers onward are accurate.