Set up LLC for business account?

[Greg M.]

Hi all! I've been searching the forums and continue to be confused about opening up a business bank account for my first rental. The rental is out of state and will be purchased out of state under my name (probably big mistake). I contacted my lending institution US Bank and asked them if the property (conventional lending) can be purchased in an LLC and the banker said no. I failed to create an LLC in that state prior to signing the contract. I want to open up a business account also with US Bank to separate my personal account from the rental account. After reading dozens of discussion and listening to tons of podcasts about this topic, I am confused as to whether it is still worth it to register an out of state LLC and to have my bank account opened in my state under that LLC? I hope I am missing something here. My intent is to have some level of protection but since the property is under my name does it even make sense to open up a bank account under an LLC that the property is not under or just go with a sole proprietorship? I hope you are not as confused as I am because I am sure I am misjudging something here. Please help and thank you!