How to set up loan / Business accounts

[Mike Simmons]

Hello all! We are looking to start on our first couple properties. Have found our first one we'd like to submit an offer to. We have a pre-approval for a conventional mortgage. My questions revolve around the loan and how to run everything through business accounts:

We initially were going to try to apply for the loan in our LLC, but the lender stated that's not possible through them and would have to go commercial for that. With some research, I found that m,any suggested just having the loan in our names individually, then having an umbrella policy. I'm okay with that.

My main questions deal around the operating of the properties through financial accounts and how it should be done. 

Even though the loan will be in our personal names, I assume we should be running  the financials (collection of rent, mortgage payments etc.) through a business account. Is that accurate?

Would it be suggested that we open an LLC bank account for each property and run all transactions through the proper account? Is there even a benefit of having things run through a business account if the loan isn't in the business name? How do you all have your loans and accounts structured so that it's most beneficial to you?