Closing on first deal :)

[Adam Craig]

Signed papers for first rental property today :) - pending the appraisal, I will own it in about 30 days.

I want get my book keeping set up while I wait. I have a CPA and I will be talking to him. But I wanted to run a few questions on BP first.

My understanding of what I need to do it is below - please chime in with tips on these topics.

1- Establish an LLC for this property - Any suggestions on what to name the LLC? Maybe naming it after the properties street to keep organized?

2- Open a new bank account that will have all debits and credits running through it.

3 - I used quickbooks for my current business. What is common book keeping for investors?

Lastly - I am budgeting about 8K in reno costs - are these considered start up costs and can they be written off 100%?

Again - I am not expecting legal or financial advice, just wanting to know what common practices are.

Thanks!