How to set up bank accounts

[Samantha Kincaid]

We are closing on our first duplex any day. Should I create a new checking and savings account strictly for rents/expenses? What are the advantages, as opposed to using our personal account which in this first year will fund some large repairs.

I have accounting software in place to keep track of all expenses and rent but I am curious if creating a separate account matters?

Note, the property is currently not in an LLC. This property will be owner occupy- further complicating the expenses.

In addition we are renting out our single family home.

Any help is much appreciated!