Is Business Bank Account Needed for 1 Arbitrage Unit?

[Talia Wiles]

Hey guys! I'm new to the forum, and my husband and I are about to start our first short term rental (via arbitrage). We figured it best to create a separate bank account from our personal account for tax purposes, bookkeeping, etc. When signing up for a business bank account it asks for our legal business name, EIN, etc. which we do not have. Do we need to create an LLC for our one arbitrage unit in order to create a business bank account? I read online the some banks will not let you run a business on a personal account. Any input on this? Do we need a business bank account and/or LLC at his point?

Further, I'm not sure the rules on here as to promotion, but does anyone have a good banking recommendation? I LOVE the way Relay bank is setup with easily creating multiple accounts for OpEX, Reserve, Profit, etc. However, without a business we can't bank with them. Any other similar banks for personal banking if that's the route we need to go? Thanks!