What account to open

[Michael Win]

Hi BP,

Started picking up rentals late last year and have 1 Condo that is currently rented.  I will be picking up another 12 rentals this month and likely a few more by years end.   My condo currently is under Company A and i have all proceeds linked to my personal bank account.

The 12 I will be picking up will be under Company B b/c I really do not like Company A much but under contract for another 6 months.  I will be switching the condo to company B when the contract ends.

When I close on said 12 rentals, I can not purchase it through an LLC per my mortgage broker. So I plan on closing under my personal account and possibly put them under an LLC later which can potentially create some issues.

My questions are

1. I want to run this like a business and not mix personal & business accounts.  I would like to open a bank account under my name to receive the funds and pay for rental issues that arises through management company B.  Is a checking vs a savings better?  Does it matter?

2. I have a 1 million personal Umbrella that the condo is also under.  Should I take out another 1 million Umbrella just for the rentals?

3. Is it worth putting these places under an LLC. I hope to eventually have 50+ rentals in 10 yrs

4. Is there any other issues I should worry about or prepare before I close on the properties at the end of the month?