Separate bank account/ credit card??

[Lauren Baiata]

Hi all,

I am under contract to buy a two-family for my first house hack! I will be living in unit #1 that needs TLC and will be renting out unit #2 that is already fully renovated. 
I have spoken to my CPA and decided I will not be putting this property in an LLC since it is also my primary residence (so I can qualify for STAR tax credit).

My question is how to best separate my expenses/income. I am planning to open a separate checking account so I can have the rental income go into there but my question is what do I use for my expenses when they are a larger than my rental income when I start out (I will be renovating the deck for unit #2 prior to getting a tenant). 

Do I open a separate credit card for renovations that is paid for by my personal checking account?

Do I use an LLC to open a business checking for rental income and a business credit card for renovations if I'm not putting the property in an LLC (not as liability protection but for separating finances)?

Thank you BP community for any help ahead of time. 

[Bjorn Ahlblad]

@Lauren Baiata welcome to BP! You don't need an LLC to have your banking and finances be separate. Yes open a separate bank account and CC and get LL insurance with some liability coverage to protect yourself. Congrats and all the best!