Bank Setup for Rental Properties

[Kirsten Braddock]

I'm looking to get advice on how others are setting up their bank accounts. I currently have 3 rental properties. Last year I adopted the Profit First System (Mike Michalowicz) and use the following accounts to manage my business: Operating Expense, Bonus money, Owners Compensation, Tax, and Vacancy/CAPX/Repairs. All of the profits and expenses came from the Operating account and then the other accounts are holding accounts. 

Is there a better way for me to set up my rental business accounts? I wonder if it would be more simple to have a separate account for each property? I'm also not taking any profits from the business (reinvesting), so not sure that I need Bonus money / Owners Compensation accounts. 

Thanks in advance for any guidance!