Bank Account System for Turnkey Properties

[Mark S.]

If you're buying turnkey rental property in your own name (which will be managed by the TK property management arm), how do you structure your bank accounts? In other words, since I'm assuming the TK property management company that places the tenant holds their security deposit, etc., and simply sends you the monthly rent, do you use a personal checking account? Do you set up a separate account for each property? Do you create a savings account for each property's reserves that you build up as the rent comes in? What's your approach?