Small rental partnership, three partners, 21k gross last year and 50k projected on 7 props by year end. I did everything the first (partial) year. 2015 was a challenge and two of us had to collaborate extensively, but we learned a lot and have set up a more proactive approach for 2016.
If I hadn't spent a few years as a tax preparer, including some small business returns, and several years with 1-2 rentals of my own, this would be outsourced already. As is, I do enjoy it and I don't feel the paid help would add value beyond time savings. As with property management, which we're already starting to outsource, it's a matter of time till we decide to bring someone in, but I don't plan to give up accounting till I retire, and probably not until I leave the state to enjoy the fruits of our labor. However, it's something we continually reevaluate, as our main priorities are maintaining quality of life while doing market research, strategic planning, and financing our growth.
So, to summarize: 1) can you do it well? If not, pay for help now. 2) Does it detract from your playing more critical roles, or will it as your business grows? If/when that happens, pay for help.
