Structuring Bank Accounts

[Brad Z.]

I am getting close to having my first deal ready to go. Its a rehab+hold and rent. I have created a LLC to hold hte property in. I need a seperate bank account to manage money in/money out. Should I open up a business checking account or anotehr personal checking? What happens if I transfer personal money into it as down payment on future properties? I have a call into my accountant but figured I would see how others have done it as well. Do I pay taxes on the money that comes into the business acct ro when I transfer a potential payday to myself? If I pay taxes on profit coming into the business hcecking then I turn around and use it as $ down on another deal, can i write off the down pmt? I know I am rambling on but any advice is much appreciated!