Account Setup RE Property

Yes the above structure is correct. Generally, costs are accounted for in the same way regardless of whether the property being built is commercial or residential property.If you have multiple properties, you may want to categorize each one separately.

For "multiple properties", I think that's why he had sub-accounts showing under "Street Address".

For many real estate rental properties, in addition to the building, you will also have other depreciable items, such as appliances, landscaping, driveways, and so on.

-Mark Bole

So I may want to make Street Address a subaccount under something like Rental Property and have a sub account structure as above for each property?