New Duplex Owner First investment

[Jacob Ohl]

Hello! I recently bought a duplex in the Suburbs of Philadelphia as my cherry popper.  I live in the downstairs unit and rent the upstairs unit.  I have a few questions surrounding basic bookkeeping.

I did an FHA Mortgage since I did not have enough capital to purchase through my LLC.

Should I create a separate bank account to keep the my tenant's security deposit in?

Can I run things through my LLC as the property management?

I have a hundred other questions, but I guess I really just need a CPA who is involved in real estate investing.

Does anyone have any recommendations for a CPA in the Delaware County, PA area?

Thanks in Advance! 

[Jimmy Murray]

You may want to check with a real estate attorney in your area for specific security deposit laws. Some states are really strict and some are more lenient. I would say you definitely want to keep it in a separate account at the very least.

I would also recommend setting up a separate bank account for any and all operating revenues and expenditures. T will make it a lot easier to keep track of.