Question on rental property bank accounts?

[Bill Bockwoldt]

Hi,

I currently have 5 properties in one city (out of state) and am looking at investing in 2-3 other states. I am curious what other out-of-state investors have done in terms of setting up bank accounts to receive tenant payments? Do you set up local bank accounts? One master account where are all payments are mailed? Only use property managers and have them pay you?

Any inputs would be appreciated. I am currently thinking about setting up a local account for each property to keep everything separate and easy to track but I am hoping there might be a simpler way!

Thanks in advance for any feedback!