LLC and accounting starting out questions

[Dan Grove]

I have been reading a lot about LLCs and am having a lawyer set one up for me as we speak but there are gaps in my knowledge of the steps to take next. I am investing out of state in pennsylvania. I think this is the path but would love someone to correct me:

1. Set up LLC (done by lawyer already)

2. Set up bank account in PA in the LLC name

3. Transfer money from my personal bank account to the LLC account

4. The LLC will purchase the house

5. Set up a quick books account for all transactions.

6. Pay for repairs, rehab, and all expenses from the PA account.   

7. Have rents deposited into the PA account.

8. Try to refinance the house to pull money out.  

9. Create a new LLC and New account

10. Transfer the loan proceeds into the new account 

11. Drink a six pack of beer to celebrate 

12. Go back to step 4 and repeat

Please feel free to add, change, or rearrange any steps as you would see fit.  

Thanks so much!!