Portfolio LLC Setup & Mortgage Payments

[Michael Ansley]

Hello All,

Me and my business partner are going to close on 3 duplexes outside of Atlanta in a few days. All 3 duplexes are right next to each other and have 3 different mortgages with the same bank. My questions for the BP Community are:

Should I put each duplex in separate LLCs or put all three under one LLC?

Should  I open 3 separate business accounts for rents to be deposited into?  Or should I have one business account for all the tenants of the 3 duplexes to deposit rent and pay the mortgage from that one account?

I love to hear BP's feedback.

[Chris Seveney]

@Michael Ansley

I would do it under one and have one bank account. In any accounting software you can classify costs so you can run reports on any property

More LLC = more $ spent, more on tax prep, more on everything. One is plenty