Structuring LLCs and Bank Accounts with a partner

[Andrew Zannotti]

Hello everyone!

I am currently partnering with someone to BRRRR properties in Texas and Oklahoma. We set up an LLC in each state as we are using HM for the initial acquisition and we are currently opening bank accounts with the banks we will be doing our refinances with moving forward.

When talking about this last night at a meet up it was recommended that we build an LLC each time we refinance a property and separate them and keep have separate bank accounts for each property.

My question is does anyone use an LLC for just their acquisitions and then transfer them to a different LLC when they refinance and what are the pros and cons of this strategy?

Does anyone keep all of your properties in a given location in one LLC or do you separate them and if so what is your logic behind it?

Does anyone use one banks account for all of your rentals or do you put each property in its own bank account?

I've done some research on here and its seems like there isn't really a right or wrong way to go about this, just trying to do some research before consulting a RE attorney.

Thanks in advance!

Andrew