How to approach bank accounts?

[Matt F.]

One per property? One per LLC?

[Phillip Vera]

@Matt F. some folks like one per property and that's also how they manage their accounting.  If you are using a property management software or your accountant uses Quickbooks for financials, I recommend 4 accounts:

1. Operating (Checking) - This is your money that you use to purchase properties, renovate properties, maintenance, etc.

2. Escrow (Checking) - This is rental income.  Residents pay their rent into this account and then you transfer to your Operating.

3. Security Deposits (Savings) - This is the resident's money so it should be held separately and not spent.

4. Reserves (Savings) - This is your money that you save each month (how whatever your strategy) specifically as a reserve fund.