Do I need to create a company or separate bank account is enough?

[Gianluca Rossi]

Hi,

We are closing on Friday on a property upstate that I would like to use as a vacation home and rent regularly through VRBO/Airbnb.

I've read of the importance of keeping a separate bank account for our rental property. I was wondering, is a separate bank account useful only when you have established a company (e.g., LLC)?

I was not planning to create a company, but still have a separate bank account to ease keeping track of expenses and incomes from the property. From my understanding, the expenses associated with the property (e.g., buying furniture, bills, etc.) should also lower my taxable income. Is that correct?

If that's the case, should I also pay my mortgage through this separate bank account? After all, that is also a cost. 

Many thanks,

Luca