First Rental Question

[Kenneth Kussman]

I have a new rental. it's my first and only rental property as of now. I do have a full-time job as well. I am going to talk to a real estate tax specialist soon, but the question I have right now is this.

-Do I need a special business entity for this rental, or can I just leave it as is, which is in my name 

-For tracking and separating income & expenses for the rental from my personal, is it good enough to just have a separate checking account and credit card dedicated to the rental?

Of course, I will also keep all receipts connected to the rental. But can I leave the house in my name and have a separate personal checking account and credit card dedicated to the rental good enough for now. 

It's an SFH and currently rented. It was my residence for 5 years, but I moved into a new home at the beginning of the year.

Any Opinions? Or do I need to wait to see a tax specialist to decided?

Thanks