First Home Buy/Rental Banking and Accounting?

[Karl Sperl]

Hello BP Community.

I'm going buy my first home in the next few months. I am currently renting, but looking to buy a multifamily and househack to get started in REI.

Currently I have 1 checking and 1 savings account through my main bank, and 1 savings account in a high interest savings online bank (where I keep the money I plan on paying for my home purchase costs).

I am wondering what the best method is for banking/accounting for a rental property. Scanning through other forums it looks like many people open 1 checking and 2 savings accounts (1 for security deposit and 1 for cap ex/repair). Any opinions on this? Also I was wondering if many of you prefer to setup the savings accounts in a higher interest online bank (like Goldman Sachs Marcus). What is the best way to setup your banking to scale in the future?

I wanted to ask the BP Community first before consulting a local CPA.

Any insight is greatly appreciated. Thank you!