Setting up Bank account for rental!

[Andy Prince]

I am about to acquire my first rental (4plex) multifamily unit. (this is a seller finance deal) I need some advice on the best way to separate the money I need to save for operating expenses, from my cash flow. Should I set up separate accounts for this? I assume that would be best, I could use internet banking to transfer funds accordingly. Let me know what works for you! 

Scenario:  I will be receiving checks from the tenants via management. I will need to Pay the seller his note, taxes, ins, then put aside everything else for my other operating expenses. After that I will have my cashflow and need a good way to pay myself. 

Additional question: Should I set up an LLC to buy it with? (which means I would need a business account with a bank) or should I just open a personal account for now? any advice would be great! -Andy