Account structure for property manager?

[Simon Cox]

Hey everyone,

I'm in the process of setting up a management agreement between myself and a fellow investor for a specific property. I needed some guidance as to the best way to set up the accounts related to the property. 

I currently have an account under an LLC (which will own the property). This account will have more going on that just this rental.

Do I need to set up another account designated to that property for the PM to spend from and have him deposit into the main account? 

OR 
Do I have him spend and deposit into the same one despite it being used for other business activities as well?

Thanks for your help!