Finance structures for a duplex in Massachussets

[Brandon Y.]

Hello,

I am in Massachusetts and I am in the process of closing a duplex with tenants in each unit. I would like to know what is the best way to structure the finances for the properties. These properties are going to be purchase under my name and not in a LLC.

Beside the bank accounts that are reserved for the security deposit and last month rent, what accounts should I have. 

I have read that each unit should have its own accounts and also another account for expenses.  

When the tenants pays the rent, where which account should they send the rent to. Do I need a holding account?

What other financial structures would you recommend?

[Lien Vuong]

Sign up for Leader Bank, they will escrow those deposits for free and distribute the interest automatically using their ZDeposit platform. I would get a checking account for each PROPERTY, not tenant, and you can keep track of it that way. Have mortgage be paid thru that account so you can confirm its sent out and that'll be an easy print out for end of year accounting.