First Property Purchase - Looking for Advice

[Will Armstrong]

Hey everyone!

I recently purchased my first investment property and as a newbie, I have a few questions. For years, I've been reading and learning on the BiggerPockets site, but it's amazing how much you don't know once you actually get started. 

Here is some background info:
I am a 22-year-old recent college grad (as of December 2018). I currently live at home and am in the process of closing on a single-family home near a college campus near me that I plan to live in for a month or two and then rent out to students. I obtained a conventional primary residential mortgage and the purchase is in my name.

I also have an LLC, which currently isn't being used. I plan to make another property purchase within the next year, and I am looking for tax and legal advice on how to run and grow this business. I understand that many of you are not experts in these fields, however, sharing any stories or just giving me a sense of direction would be very helpful. Below are a few specific questions I have:

1. Should I open a business bank account for the rent I collect, or at this point should I just open a separate personal checking account? This would require an EIN...is it worth it if it's just me?

2. I was told by the mortgage broker that if I transfer the property to the LLC, it may make my personal financial position look less appealing and it may be harder to get a second loan. If this is the case, how do I legally protect myself and my assets?

3. How much do I have to make a year in rental profits to have to report it as income?

4. At this point, I really don't know what about taxes, especially business taxes, so any useful information helps.