Bank Account Structure for House Hacking

[Brett McManus]

Hi BP Community, 

Towards the end of this month I will be closing on my first duplex to House Hack in the Minneapolis, MN area. So far I  am remaining confident in my numbers/reserves amidst the current conditions and all inspections have been completed with only closing left on the agenda. 

One item that I am still interested to learn more about is how other investors/house hackers might recommend structuring bank accounts to make tax time more seamless. I already have a credit card dedicated to purchases exclusive to this property and have drafted up spreadsheets to track expenses/revenue. Is having a separate checking account dedicated to depositing rent checks/pay expenses out of the simple recommendation here for someone just getting started?  

Just hoping to see if there is any advise out there that could save headaches down the road. Thanks!