Expert MRI Bookkeeping Services For Scaling Property Investors & Managers In Duluth
Duluth's rental stock splits across UMD student housing, workforce apartments serving the healthcare sector, and seasonal lakefront units, often held inside one mixed portfolio. MRI handles that mix on paper because it's modular, but seasonal units usually sit in a different module than the commercial tenants sharing CAM pools. We reconcile across that module boundary so a lakefront unit's off season vacancy doesn't post like a year round lease, and CAM charges land against the correct commercial tenant roll.
We work with accountant access inside your own MRI instance, exactly as you would grant an internal hire.
Minnesota rules that apply here
- Deposit return deadline
- 21 days
- Statute
- Minnesota Statute 504B
Why MRI Operators in Duluth Come to REA
Enterprise and modular, strong on commercial
CAM Reconciliation Across Modules
When a commercial lease is abstracted in MRI's lease administration module but billed out of a separate accounting module, CAM charges can drift from what the lease actually says. We tie the abstract back to the bill every cycle, so Duluth landlords with ground floor retail or medical office tenants aren't chasing down mismatched CAM statements after the fact.
Student Lease Turnover Handling
UMD's academic calendar drives a distinct turnover cycle for student housing near campus, leases starting and ending in clusters instead of spreading through the year. MRI's residential ledger tracks deposits and move out charges apart from the commercial side of a mixed portfolio, and we keep both reconciled so fall turnover doesn't get buried under CAM billing for other tenants.
Built For This Instance
No two MRI instances run the same set of modules, and Duluth portfolios often pair commercial space with workforce or seasonal residential units under one ownership group. We map our bookkeeping to the modules a client actually has active, not a generic MRI template, so property level financials match what the software is configured to produce.
MRI and Minnesota Deposit Rules
Minnesota Statute 504B
Minnesota Statute 504B gives landlords 21 days to return a security deposit or send an itemized statement of deductions. MRI's residential module tracks deposit balances by unit, but on mixed commercial and residential portfolios that ledger often sits apart from the module handling CAM and commercial billing, so the 21 day clock can slip past unnoticed if nobody is watching the residential side specifically. We track deposit deadlines against move out dates by hand across that boundary so Duluth clients never miss the statutory window.
Minnesota statute 504B requires the deposit to be returned within 21 days of lease termination, with penalties for non-compliance and interest obligations in defined cases.
All Minnesota requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in MRI, so a 21 days 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 Duluth 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
Duluth 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 Duluth?
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 REA handle Minnesota's 21 day deposit deadline in MRI?
Minnesota Statute 504B requires a security deposit be returned or itemized within 21 days of move out. In MRI, that deposit balance lives in the residential module, which on a mixed portfolio can be a separate workflow from the commercial modules our team also reconciles. We flag every move out date against that 21 day window directly, rather than assuming the residential ledger gets checked on its own schedule.
Why does CAM reconciliation take extra review in MRI?
MRI's CAM reconciliation is one of the platform's real strengths, but only when the lease abstract and the billing run come from the same module. On engagements where a lease was set up in one module and CAM is billed out of another, the two can quietly disagree on pro rata share or expense pools. We reconcile the abstract against the bill every cycle instead of trusting the two match automatically.
Do you handle both UMD student housing and seasonal lakefront units in the same MRI setup?
Yes, and it's common in Duluth for one ownership group to hold student housing near UMD, workforce rentals, and seasonal lakefront units together. We keep each property type's income and expense reporting distinct inside MRI so seasonal vacancy on a lakefront unit or a summer sublet near campus doesn't distort occupancy or NOI numbers for the rest of the portfolio.
More in Minnesota
Other Minnesota markets, the platforms we work in, and the functions available on their own.
MRI Bookkeeping for Duluth
Schedule a call and we will review your MRI setup, your Minnesota deposit handling, and what it takes to close clean every month.