Decision memo for a 7-LLC real estate operator

The decision

Give the current team one close cycle to prove it can deliver a lender-ready package with named owners and a documented review. Revisit the controller hire if the handoffs still miss their dates or exceptions build up without review.

What the records show

• Three of seven LLCs closed late. In the sample close, those entities waited for property-manager exports. The calendar listed a due date for reporting but gave the exports no owner or deadline.
• A difference between entities carried into the next month. One ledger showed a due-from balance without a matching due-to balance. The close checklist had no owner for comparing the two ledgers.
• The lender package used an older ledger export. The reviewer approved the workbook before a late entry reached the ledger. The file names gave no way to tell which export supported the final package.

What to fix first

1. Before the next close, have the owner assign who sends the property exports, who reviews exceptions, and when each handoff is due.
2. During the close, have accounting compare due-to and due-from balances across the LLCs and document differences for the reviewer before sign-off.
3. Before sending the lender package, have the reviewer tie it to the dated final ledger export and record which version was approved.

When to revisit the hire

At the end of the next cycle, check whether the 7 entities closed by the agreed date, whether every open difference has an owner and next step, and whether the lender package ties to the approved export. Use those results to decide whether the current team can own the process or needs a controller.

A 7-entity engagement requires a written scope and quote. This sample shows the format and level of detail you can expect.