Banking for first property

[Mitchell Witkes]

Hi everyone,

I'm closing on my first multi-family property in a couple weeks (Christmas present to myself!). I'm looking for some advice from some of the real estate vets on here. Let me go into some of the details of my situation. Any advice is welcome and appreciated!

I need to set up a checking and savings account for the property. I want a checking account to handle the inflow of rent and outflow of PITI/maintenance. I want the savings account to hold capital for improvements to the property. The property needs significant repairs, but I have money in an investment account that I will be liquidating for this purpose. I think that setting up the banking for the property in this way will make it easier for a tax professional to save me money come tax season. Anyone in MA use a specific bank for these accounts? Do you recommend setting up banking this way? If not, how do you do it?

As I said, any advice is welcome and appreciated. Thank you all in advance!