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Updated over 8 years ago,
question about who owns and controls deposit bank account
Hi, have just purchased a 60 SFR portfolio.
my question is:
Do I allow prop management company to open and control bank account for deposits that I draw from(and they also have draw access) or do I open my own account and allow the to DEPOSIT ONLY into it but no draw access? what is industry standard here? A lot of monthly cash is in this account as rents come in.
please advise best practices thanks!