FINANCES & BOOK KEEPING: Most effective way to budget REi funds

[Thomas J. Clifford]

Hello BP!

I was listening to the podcast last night (Show 92 - No (and Low) Money Down Real Estate Investing with Brandon Turner), and in it Josh and Brandon discussed creating separate LLCs for each property partnership grouping that Brandon has with his partners like his wife, his father, and so on and so forth. I understand that this is so the numbers don't get muddied, tying up funds from one partnership up into another partnership. Makes total sense. I also recall them talking about setting up a completely separate checking/savings account for all transactions related to property investing so it is easier to track and keep your books.... I am considering a cashout refi on my home for capital to purchase an investment. Its a substantial amount that would get me a modest home bought outright to either fix/flip or BRRRR...

My questions is, as a newbie with no properties yet: What recommendations do you have regarding separating accounts? I can start accounts for checking/savings with this refi which seems pretty basic. What about a self-directed IRA? What might the pros/cons of that kind of account be? Are there other structures out there that are less common that might be beneficial?

Just looking for some thoughts/recommendations on how to best manage this.

Thanks all!

T.