Set up books for a rental property before your first tax year closes

Every later step in this guide reads these four facts back instead of asking again: the address anchors the file, the unit count sets up per-unit tracking if this is a multi-unit property, the acquisition history decides whether a placed-in-service date and a personal-use split apply, and the state decides which landlord-tenant rules govern the security deposit. Record them once, accurately, before opening the books.