A P&L statement, or Profit and Loss statement, is like a financial snapshot for property management. It shows you how much money you're making and spending on your rental properties over a specific period. Think of it as a detailed summary that breaks down all your income from rent and other sources, and then subtracts all the costs like repairs, maintenance, and any other expenses. What you're left with is your net profit or loss. It's super helpful for keeping track of your property's financial health, making smart budgeting decisions, and planning for the future.