Clean, on-time investor reporting is a fundraising asset — it's what makes LPs re-up. Waterline gives real estate sponsors institutional-grade books, LP reporting, and distribution calculations — without the cost of a full-time controller. CPA/CFA led, powered by our LedgerPilot AI.
Most sponsors under a few hundred units can't justify a $120K in-house controller. Waterline delivers the same finance muscle at a fraction of the cost — here's what that buys you.
Clean, consistent, on-time statements — the quiet signal of a professional operation that makes re-upping on your next deal easy.
Preferred returns and waterfalls become a calm, repeatable process — calculated right, paid on time, every quarter.
Property-level P&L and cash views on your GP dashboard — so you act while it matters instead of reacting after the fact.
Audit-ready books plus tax handled in-house by our EA partner — K-1s go out early, and your LPs stop waiting.
From property-level books to investor-ready reporting, Waterline handles the entire finance function — so you can focus on finding deals and raising capital.
Categorization, reconciliations, and accruals done monthly — clean books at the property and portfolio level, closed within days.
Polished monthly or quarterly statements your investors respect — the kind that make re-upping on your next deal easy.
Preferred returns, splits, and waterfall calculations done right and on time. No more spreadsheet roulette before every distribution.
Property-level P&L, cash position, and portfolio view — so you always know exactly where every deal stands.
Tax is handled in-house by our PwC-trained EA partner. We hand off audit-ready books and coordinate K-1s — the fire drill disappears.
Everything above under a single monthly retainer — a fraction of what a full-time controller would cost you.
Waterfalls, CAM reconciliations, draw schedules, 1031s, multi-entity consolidation — the things a generic bookkeeper and a horizontal AI tool get wrong. This is all we do.
Built for sponsors. We speak preferred returns and distribution waterfalls natively, because real estate capital is the only thing this practice serves.
Powered by LedgerPilot, HKT's proprietary AI tool, which handles the categorization and reconciliation grind — so you get an institutional-grade back office at a small-sponsor price.
CPA/CFA reviewed. Nothing reaches your investors without a seasoned professional's eyes on it. Speed of automation, judgment of a Big-4-trained pro.
A dedicated controller costs $90–150K a year. Every plan below is a fraction of that — and scales with you from your first rental to a full fund.
Own a handful of rentals, no outside investors — you just want clean books.
Emerging syndicator getting your books clean and current.
Actively raising and reporting to LPs.
Multiple deals or a fund structure.
Messy books today? A one-time cleanup / onboarding gets you current before monthly service begins. Final pricing is set after a quick look at your portfolio.
Not in real estate? HKT's AI-powered CFO retainer serves every other kind of growing business.
Waterline is the real estate finance practice of HKT Consulting Services, led by Henry Duong, CPA, CFA — an EY alumnus with the rare CPA + CFA combination and deep property-accounting expertise built inside PE-grade, billions-in-assets environments.
Tax and K-1s are handled in-house by cofounder Jenny Bui, EA, a PwC tax alumna and federally licensed Enrolled Agent — so your investor tax reporting never leaves the building.
"You shouldn't have to choose between raising serious capital and having serious books. We give sponsors the finance operation their investors assume they already have."
Book a free intro call. We'll look at where your reporting stands today and show you exactly what a real back office would change — no pressure, no jargon. Ask us for a sample LP report and see the quality for yourself.