General Business/Legal?Tax Questions

[Brittany Trevino]

Hi everyone, 

I have a few legal questions that I'm looking for some clarification on..

I started an LLC under the impression that it will be my "business". However, now I'm hearing I should only put a handful of properties under each LLC. When I open a business financial account do I need to make one for each LLC or just the first one? Does there need to be a seperate LLC for just business expenses.. I'm so confused on this part.

I also have a rental that I used a VA loan to acquire a few years ago. When I transfer that to my LLC do I use a quitclaim deed, or should I go through someone? I plan on getting a letter from my lender and getting due on sale insurance to avoid the disaster of it happening since it is part of my loan agreement.

What should I expect in taxes next year since this is my first year owning my rental? I was using cashapp for payments but I am switching over to rentredi this month. I hear horror stories of owing so much in taxes. What strategies do you suggest I use to limit that?

I am putting together systems to streamline everything as I go into expanding my business but what do you recommend I start early to avoid stress and extra costs later down the road?

Thank you so much