Bank Accounts / Checking Accounts

[Mark Gruetzmacher]

What is the best way to setup up bank accounts for rentals.  I have my main personal account.  I also have another bank account at a different bank just for closer convenience.  I have a 3rd bank that I just opened up for my 1st rental.  I have a 2nd rental I am working on as well and hopefully in a few months the 3rd one which I will be partnered with will be ready as well.

How should I set up bank accounts for these?  I know some people do a checking for each property.  That sounds like a hassle but if it is the best way then not a big deal.

I was thinking for all my personally owned stuff I could have a main checking account and then have savings accounts for each property to hold the deposits and rents.  

Then for any properties co-owned I would have a separate set of accounts for that.

Now I use some sort of credit cards to buy things 99% of the time.  Now can if I bought drywall for house A and 2x4's for house B, can I then transfer money or write checks to my personal account to pay for the credit card purchased?  

What the best way to do it?

[Terrell Garren]

17 SFHs, 1 LLC, 1 checking account, 1 umbrella policy, 1 Excel spreadsheet, 1 Cozy account.