Bookkeeping and LLC's: What is your experience?

[David Miracle]

Hello! I am new here, but not necessary that new in real estate. A few years back my wife and I borrowed money from our equity (HELOC) to purchase another home. We moved into that new home to fix and flip. Now we have done that several times. Sold some; rented others. Three have become short term rentals. Every year about this time, we begin shoring up our finances, bookkeeping, and the like.

We have an LLC, but some of the homes were purchased under our name. Some were under the LLC. We first had separate checking accounts for each house, but that can be a headache. By the advice of a real estate lawyer, we moved all funds to one account then started using quickbooks for our bookkeeping. Now it is still difficult to tell which house is doing what from month to month. Projecting expenses is even more difficult. Our bank balance looks good...and then it's not. Now we have another real estate lawyer telling us that an LLC for each property would be best with each property having a separate checking account. Even the lawyers can't agree!

Have any of you bounced these issues around?  Before I switch back, make a change, etc...I want to get some more advice from people like you who are living with this issue day to day!  Thanks in advance for the comments.