Expert Buildium Bookkeeping Services For Scaling Property Investors & Managers In Chicago
Chicago's rental stock runs from lakefront high-rise condo associations to dense multifamily in Logan Square and Wicker Park to scattered single-family portfolios on the South and West Sides. A meaningful share of that stock sits under association management, not straight rental, which matters because Buildium runs both out of the same instance. We keep rental trust money and HOA assessment and reserve funds on separate ledgers inside that single Buildium account, so a Chicago portfolio holding both never reports one fund against the other.
We work with accountant access inside your own Buildium instance, exactly as you would grant an internal hire.
Illinois rules that apply here
- Deposit return deadline
- 45 days (5+ unit buildings)
- Statute
- 765 ILCS 710
Why Buildium Operators in Chicago Come to REA
Residential and association management in one system
Keeping Rental and HOA Funds Apart
Buildium lets one property management company run rental trust accounts and condo or HOA association accounts from the same login, which is common in Chicago's lakefront and Logan Square buildings that mix rental units with owner associations. We build separate chart of accounts trees for each fund type so reserve contributions never post against a tenant's security deposit ledger.
Deposit Interest Under the RLTO
The Chicago Residential Landlord Tenant Ordinance requires interest payments on security deposits held past six months, on top of state return timelines. Buildium tracks deposit balances but doesn't calculate that interest automatically, so we run it as a manual reconciliation step tied to each unit's move-in date, then post it to the ledger before any deposit disposition goes out.
Reporting Across a Mixed Portfolio
A Chicago operator might hold lakefront condo associations, Wicker Park multifamily, and scattered South Side single-family rentals inside one Buildium account. We build owner and board reporting that separates these fund types by property class, so a board packet for one association never pulls in numbers from the rental side of the portfolio.
Buildium and Illinois Deposit Rules
765 ILCS 710
Illinois law under 765 ILCS 710 requires landlords of buildings with five or more units to return a Chicago tenant's security deposit, or send an itemized statement of deductions, within 45 days of move-out. Buildium tracks each deposit as a liability tied to the unit and lease, so the balance is there, but it doesn't generate the itemized statement or flag the 45-day clock on its own. We run that deadline manually against Buildium's move-out data and prepare the itemized statement before it lapses.
The Illinois Security Deposit Return Act, 765 ILCS 710, requires landlords of buildings with five or more units to return the deposit within 45 days of move-out, with an itemized statement referencing the lease and supported by receipts. Bad-faith withholding carries a penalty of twice the deposit plus costs and fees.
All Illinois requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in Buildium, so a 45 days (5+ unit buildings) deadline is answerable from the ledger
- Trust accounts reconciled three ways every month
- Deduction documentation recorded against the correct ledger
- Aging deposits flagged before the statutory window closes
Buildium Accounting & Bookkeeping Services
For Chicago Portfolios
- Process Review & Set Up
- Bank Reconciliations
- AP / AR
- Accurate NOI, Balance Sheets
- Recording HUD's & Accruals
- Owner Distributions
- Monthly Statements & Reports
- Management Fees
- Corporate Bookkeeping
- Tenant Chargebacks
Take the Whole Close, or One Function
Chicago operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your Buildium instance.
Trust Accounting
Compliant, audit-ready trust funds
Learn moreBank Reconciliation Services
Three-way reconciliation, every account
Learn moreAccounts Payable & Receivable
Bills paid, rent collected, owners paid
Learn moreBookkeeping Cleanup & Catch-Up
Back books fixed and current
Learn moreCAM Reconciliation
Annual commercial true-ups
Learn moreOn a Different Platform in Chicago?
We Work Inside All of Them
Experts In All Property Types
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community Associations
- Commercial
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Adam the owner took a personal interest in my situation and was willing to work with me to see if his company was a good fit. I may be too small for them but I would highly recommend them to anyone considering a bookkeeper for their property management business.
Following a series of erroneous financials from my previous bookkeeper, who lacked expertise in real estate, it's been truly remarkable to receive not only accurate financials on a consistent basis but also proactive advice without prompting. The REA team is a game-changer in real estate accounting!
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
Frequently Asked Questions
Does Buildium handle the 45-day deposit deadline under Illinois law?
Buildium stores each security deposit as a liability against the unit, but it doesn't automatically generate the itemized statement or count down the 45-day window that 765 ILCS 710 requires for Chicago buildings with five or more units. We track that deadline against Buildium's move-out dates and prepare the itemized deduction statement so it goes out inside the window.
Can Buildium keep our HOA reserve funds separate from rental trust accounts?
Buildium runs rental and association management from the same instance, and it will let a reserve contribution and a rental security deposit post to overlapping general ledger accounts if the chart of accounts isn't split deliberately. We set up separate account trees for reserve, operating assessment, and rental trust funds inside your Buildium login so they stay legible on their own.
We manage both lakefront condo associations and South Side rental units. Can one bookkeeping setup cover both?
Yes, that mix is common in Chicago, and it's exactly what Buildium's dual rental-and-association structure is built for. We keep the association side (reserve funds, board reporting, operating assessments) and the rental side (trust accounts, owner statements) on distinct ledgers inside the same account, so a lakefront condo board and a South Side rental owner each get reporting that reflects only their own fund.
More in Illinois
Other Illinois markets, the platforms we work in, and the functions available on their own.
Buildium Bookkeeping for Chicago
Schedule a call and we will review your Buildium setup, your Illinois deposit handling, and what it takes to close clean every month.