rental

[foot59]

we inherited 4 rental houses between 8 people,how do we go about collecting rent ,setting up an account,taxes,etc.

[sp1214]

If it were me I would employ an agency to collect the rent. There are bound to be late payers and they have the means to get the rent. Also they would advise you on the keeping the books.

[Twenty20]

If you mean literally how do you collect rent then I would talk to an agent about handling the properties for you. If you mean how do you collect rent when there are in effect 8 landlords then that is a different matter. Open a bank account, possibly one for each property - talk to your bank about this. Decide who out of you will manage the properties. Talk to an accountant about tax, allowances etc.

If you know what youre doing as a landlord then there is no need for an agent. An agent has no extra ways of getting the rent out of non payers than anybody else and many arent that bothered as they will still collect their fees even if the rent isnt paid. Use an agent if you dont know about letting and the law.