The answer depends on how your properties are structured legally. If each rental is in its own LLC, you need separate books for each entity. That’s a legal requirement, not a preference. If all your rentals operate under one LLC or under your name as a sole proprietor, one set of books works fine as long as you track income and expenses by property.

Either way, you need per-property visibility. Knowing your total rental income doesn’t tell you much. Knowing that your downtown condo nets $2,400 monthly while your Eastside casita barely breaks even tells you everything. That’s the data you need for decisions about pricing, improvements, whether to sell, or where to buy next.

If you’re using one set of books for multiple properties, use classes or locations in QuickBooks to tag every transaction to a specific property. Income from Airbnb gets coded to the property it came from. Cleaning fees, supplies, repairs, utilities, and property management fees all get tagged to the right rental. At month end, you can run a profit and loss by class and see exactly how each property performs.

Don’t mix property expenses with personal expenses or lump everything into generic categories. A $300 repair charge that just says “Repairs” doesn’t help you six months later when you’re trying to figure out why one property’s margins are shrinking.

For vacation rental operators in Northern New Mexico, tracking by property also matters for Gross Receipts Tax. Different locations can have different combined rates, and you need clean records if you’re ever audited.

The entity structure question is worth discussing with your CPA. Separate LLCs provide liability protection but add bookkeeping complexity and filing costs. One entity is simpler but exposes your other properties if something goes wrong at one. There’s no universal right answer.

What matters is that your system gives you clear, property-level financials regardless of structure. If you can’t quickly answer “how did each property perform last quarter,” working with bookkeepers in Santa Fe who understand rental property accounting can help you get the right setup in place.