A property-by-property record system for small landlords

Keep a file for each property

Separate leases, deposits, income, repairs, improvements, utilities, mileage, insurance, inspections and communications. Use the same property identifier in digital folders and accounting records.

Repairs and improvements may receive different tax treatment. Record what was done and retain invoices; let a qualified tax professional determine classification.

Match insurance to actual occupancy

Document whether the property is long-term, short-term, vacant, under renovation or partly owner occupied. Report material changes. Keep policy information, claims documentation and inventories with the property file.

Prepare for transfer or interruption

Ownership records, entity documents, loan information, property managers, vendors and emergency contacts should be accessible to an authorized successor. Review how income and responsibilities continue if the owner cannot act.