Expert MRI Bookkeeping Services For Scaling Property Investors & Managers In Chicago
Chicago operators running MRI usually aren't managing single-use residential blocks. The city's rent roll mixes lakefront high-rise condos, mixed-use buildings with ground-floor retail in Logan Square and Wicker Park, and scattered SFR pickups across the South and West Sides, often under one ownership group with a CAM schedule sitting next to a residential rent roll. MRI's modular structure fits that mix on paper. Our team reconciles the handoffs between lease administration and billing so the CAM number holds up on both sides of the ledger.
We work with accountant access inside your own MRI 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 MRI Operators in Chicago Come to REA
Enterprise and modular, strong on commercial
CAM Reconciliation On Mixed Rolls
Ground-floor retail under a residential tower is common enough here that a CAM statement often sits inside the same MRI instance as an apartment rent roll. We treat the commercial CAM module as the primary reconciliation point on these files, then check that residential charges booked elsewhere haven't drifted from what the lease actually allows.
Lease Data Crosses Modules
A lease abstracted in MRI's lease administration module and billed out of a separate accounting module can disagree, and on Chicago's commercial-weighted files that gap shows up in CAM true-ups and escalation billing. We pull both sides before closing a period, so the number a tenant disputes matches the lease MRI actually has on file.
No Two Instances Match
MRI implementations vary enough that the Logan Square operator down the street may have their instance configured completely differently from yours. Before we touch a Chicago MRI file we map how that specific instance routes deposits, CAM, and lease data, instead of assuming a standard build that doesn't exist on this platform.
MRI and Illinois Deposit Rules
765 ILCS 710
MRI's center of gravity is commercial, so on many Chicago engagements the residential deposit ledger sits in a module separate from lease administration and CAM. Illinois requires landlords of buildings with 5 or more units to return a security deposit or send an itemized statement within 45 days under 765 ILCS 710. On mixed-use MRI files we keep that residential module reconciled on its own clock, so a CAM close on the commercial side doesn't push the 45-day deposit deadline past due.
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 MRI, 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
MRI 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 MRI 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
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.
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
Frequently Asked Questions
How does MRI handle Illinois' 45-day security deposit deadline?
MRI doesn't enforce Illinois deposit timing on its own. 765 ILCS 710 gives landlords of buildings with 5 or more units 45 days to return a deposit or send an itemized statement, and that clock lives in the residential module, not the commercial lease or CAM side most Chicago MRI files are weighted toward. We track deposit dates separately so a busy CAM reconciliation period doesn't push a statement past the deadline.
Why does CAM reconciliation break on MRI more than on other platforms?
MRI is built from separate modules, and a commercial lease abstracted in the lease administration module can drift from what's actually billed out of the accounting module if the two aren't kept in sync. That gap is where most CAM reconciliation errors we see on Chicago MRI files originate, not in the CAM calculation itself. We reconcile both modules against each lease before closing a CAM statement.
Do you work with Chicago's mixed commercial and residential MRI portfolios?
Yes, that mix is common here. Ground-floor retail under lakefront high-rises, mixed-use buildings in Logan Square and Wicker Park, and scattered SFR holdings on the South and West Sides often sit inside one MRI instance. Because MRI leans commercial by design, we treat CAM reconciliation and lease administration as the primary workload on these files, with residential accounting checked against them rather than run separately.
More in Illinois
Other Illinois markets, the platforms we work in, and the functions available on their own.
MRI Bookkeeping for Chicago
Schedule a call and we will review your MRI setup, your Illinois deposit handling, and what it takes to close clean every month.