Open Bank Account for New Rental Property?

[Rebecca Samarelli]

Hello,

My husband and I just purchased our first rental property (!!!) and are planning on doing some renovation work in the next few months.

We currently have the funds in our own separate personal bank accounts. Should we open a new joint account, transfer our cash in it and use it to pay for the renos expenses, and later on to collect rent and pay the mortgage?

In the future we are planning on opening an LLC and transfer the property to it, does that come with its own business account??

In general we want to make sure we are tracking our expenses correctly for tax purposes, and I really want to separate personal and property-related/business expenses.

Thank you!!