Duplex - occupying one unit and renting the other

[Craig T.]

We just purchased a duplex in Seattle set to close in three and the current tenant's lease is up at the end of May. First deal as investors! My wife and I plan to live in one unit and rent the other out. Should we create an LLC, opening a business bank account for the rent and security deposit? Or should we do it out of our personal accounts. What are the pros and cons? We appreciate all the input!