I'm looking for advice on starting my property business...
Currently I own two properties that i would like to rent out. 1) A garden flat 2) And a town house unit in a section 21
The town house is paid up, but property on which the garden flat is located I am still paying the bond.
Currently I manage both properties, but would also like to manage the properties of other landlords in the future.
Everything is run as a sole prop.
With regards to the rental income from the properties, I need to use the income to pay for my bond as well as take a property management fee for the business so that I can pay myself a small salary.
I am also using some of the rental income to fix the rental properties as well as fix the main house in which i live that on my bond. Can all these other expenses be deducted.
Basically I am a sole prop. that started a Rental management business (BLG Rentals and Property Management ) , but I am also the only client of the business.
Not sure if this is all making sense
How would I go about setting this up into a proper business as a sole prop and keep records, or do i have to form a separate registered company.