See each property.
Understand the portfolio.

A monthly reporting example connecting property books, available cash, participation records, and the next planning discussion.

Entirely synthetic example: 30 units across three wholly owned property entities. These are not client results or return projections. Scope and cadence depend on the engagement.

Illustrative August cash view · all amounts in $000
Measure	Cedar 12 units	Lake 10 units	West 8 units	Total
Rental receipts	36	27	21	84
Operating payments	14	10	9	33
Cash before loans / projects	22	17	12	51
Loan payments	10	8	6	24
Capital-project payments	5	3	4	12
Cash before distributions	7	6	2	15

A cash view, not a taxable-income or accrual-profit calculation. Operating payments include management fees. Loan payments include principal and interest; capital projects are shown separately. Assumes no intercompany transfers or other cash movements.

Reconcile the portfolio cash movement

$180,000 opening operating cash + $84,000 rental receipts − $33,000 operating payments − $24,000 loan payments − $12,000 capital projects − $8,000 owner distributions = $187,000 closing operating cash.

Tenant deposits and lender-held reserves are outside this example and need their own reconciliations. Closing cash alone does not establish what is available to distribute.

Connect the records before the decision.

DiscussionAugust close, projects, and planned transactions

PurposeSeparate operating performance from funding needs

What deserves attention

West contributes $2,000 before owner distributions after loan and project payments. The right follow-up is to inspect the project schedule, collections, and upcoming commitments. One month's cash result is too narrow to judge a property's performance.

Suggested questions and the evidence to bring
Question	Evidence / next step	Discussion owner
Do the manager reports tie?	Match rent ledgers, fees, vendor payments, bank deposits, and property assignments. Resolve timing and duplicate entries.	Accounting + property manager
Are participation records usable?	Organize dated activities by person and property, with task descriptions and supporting records. Keep unanswered classification questions visible.	Owner + tax adviser
What needs advance planning?	Gather purchase/sale dates, project invoices, loan documents, asset records, and existing depreciation schedules before discussing a transaction.	Owner + tax / transaction advisers

Keep REPS review separate from record collection

Organized participation records give the tax adviser facts to evaluate. This package does not determine Real Estate Professional Status, material participation, the treatment of any activity, or the availability of losses.

Agree on the property/entity reporting structure, records still needed, and the person responsible for each open item. Depreciation and transaction questions require a separate review of the actual facts.

Your decision / owner / due date

Give every property
a clear starting point.

Use this checklist to prepare an accounting and planning discussion for a scaled portfolio. Mark records that are ready and identify the source of missing items.

Property and entity mapAddresses, ownership percentages, entities, bank accounts, acquisition dates, and property managers.
Property-level books and manager statementsRecent monthly statements, rent rolls, fee detail, expense reports, and accounting-system access arrangements.
Cash, debt, deposits, and reservesBank reconciliations, loan balances and payments, deposit ledgers, and lender-held or designated reserves.
Fixed assets and project supportClosing documents, invoices, depreciation schedules, prior studies, and work-in-progress records.
Participation records for discussionDated records by individual and property, supporting calendars or communications, and areas needing clarification.
Tax records and upcoming transactionsPrior returns, existing planning memos, purchase/sale plans, refinancing, and ownership changes.
Reporting audience and responsibilitiesOwner, property managers, internal staff, existing advisers, reporting cadence, and document-approval contacts.

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Discuss accounting and planning across your portfolio.
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See each property.Understand the portfolio.