How to collect rent

[Kenneth T.]

My parents are starting to rent out part of their home instead of just letting my kids live there. This is great for them, but they aren't really good at management. Thus, I will be doing most of the work for them. There are already tenants in place and I am trying to get things to a more professional level.

If we set up a bank account that is ONLY for rent payments, can it be a personal account or does it have to be a business one? Can I just let them choose how they want to get the money into the account?

I'd appreciate constructive input. I understand this hasn't been handled properly up to this point. I am just trying to work towards a proper end result without destroying the relationships that have already been built. All I need to know right now is if I can use a personal account and if I can allow the tenant to get the money into that account in any way they'd like.

Thank you for your help.