STARTING LLC/CHECKING SET UP

[Mitchell Krotz]

Hello All!

So I have my first full time rental property now up and running and I have a few questions on how people have handled their finances. I created 2 LLC's. One specifically for the house, and another (the unbrella LLC) for protection reasons. The house will need to be "slid" over to the LLC specifically for this house and out of my name here in the near future. However, I have money coming in now. I want to open a checking account to put my first check in. My goal is to start things off the proper way and obviously keep this income separated from my personal.

I have an EIN number for my Umbrella LLC. Not the specific LLC that was created specifically for this house .

Question 1:  Where do I put this money? I am wanting it in a checking account to draw expenses out and keep everything separate and protected.  

Question 2: Do I need an EIN number for each specific property with separate checking accounts? (if I plan on opening a separate "sub" LLC for each property which would all fall under my main umbrella LLC)? Or should all my money go into one account for my main LLC.

Question 3: The house is NOT under the LLC yet. That will be done in the next several upcoming months. Until then, should I open a checking account under one of the LLC's (depending on the response from Q2). Or should I just temporarily open a personal account under my name and put ONLY the rental income money from that in the account and make changes later...

Thanks for any input!

Mitch