non LLC , use personal checking account to pay mortgage and bills or open a separate

[Tom Server]

So I purchased a triplex in my name, do not have an LLC. Does it matter if I keep the rents in my personal accounts? Or should i open a separate checking and savings? I do I open a separate account and pay the bills and mortgage with that account.. or it doesnt matter if I use my personal account?

[Josh St Laurent]

@Tom Server I would echo what @Jonathan Bock and @Charles Carillo said. It's important to keep your personal funds separate from the funds of the triplex which is a business. Personally, I would advocate for opening an LLC (I use NW Registered Agent) and then open a business checking account (I like Relay) so that your funds are separate. This will help with a few things:

Liability - Current state if someone slips and falls at your triplex you could be sued and your personal assets could be at risk.  If you are able to put the property in a business name and separate the flow of money and put a wall between personal and business you can protect your personal assets.

Taxes - It is going to make things a lot easier at tax time to show your CPA what your expenses have been.  I usually suggest new property owners setup a business before they even close on a property and then use a business credit card for all expenses moving forward and also for them to link it to Quickbooks so everything is automatically tracked for them.

There are a lot of nuances and strategies but this is a 30,000 foot view of why you should opt for business>personal