My first investment; looking for banking help

[Marc S.]

Afternoon BP Community,

I am beginning my RE Investment after months of paralysis analysis. I will be investing in a Syndication after doing a lot of research and homework, I'm confident it will produce great cash flow, IRR, and great preferred returns.

Now that I will be making my investment, I am unsure how to procedure when it comes to setting up my banking account. I have read various comments and it seems that a majority of investors have a separate account for any dealings that involve their RE ventures, keeping it separate from their personal accounts. So, I am really not sure exactly what that means as dumb as that may sound.

Do I walk into my bank and say I want to open a separate account or do I need to open a separate "business" account. If so, do I place the investment money into that account so that it's withdrawn from the Syndication that way? Also, I then assume that once I start receiving income, I want those deposits made into that newly created account which will help come tax season time as well. Also, this is just the start of my RE adventure! As I plan on buying my first multifamily this year as well, so should I open a separate account for every investment so that everything has its own paperwork?

Can anyone also comment on how beneficial this is for any personal liability by keeping it separate from my personal account. Hope this questions makes sense and that I am at least on the right path to becoming a better investor.

I would love some advice for my first time investment from seasoned investors as I will probably post this in a few different forums to get different feedback.

Thank you!

Marc S.