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Updated about 2 hours ago on . Most recent reply
Transitioning My First Home to a Rental Property - Banking Question
Hello - looking for guidance on transitioning my current house into my first rental property.
Background info: I have owned my home for >2 years now, relocating due to career (routine moving every 2-3 years). Next home I live in will be renting. I plan to keep my current home and rent it out as my first rental property.
Timeframe: will be moving at end of summer (July 2025). My new job will be within a 2 hour drive to my rental home.
Specific points I need guidance on relates to the financial "set up" stuff. I'd like to set things up now to be able to scale to a few properties in the next decade and not need to re-do things:
1) Do I set up a business checking/savings account? Seems like a sole proprietorship after I move with a dedicated business check/sav account is a possible way to go. Does this make sense? If so, does anyone have experience with the AmEx business check/sav?
2) should I apply for a Sole Prop EIN from the IRS to set this up, or is using my SSN in the set up okay?
Any other tips and tricks would be appreciated! Again, I am looking to set things up now to be able to scale to a multi-property portfolio in the next decade.