My first Triplex North Port Florida

[James Strawser]

Just wanted to let everyone know I closed on a deal and will be moving in on October 1st. I have a few weeks to get the unit I want to rehab up to speed for a renter to move in on Nov 1st. I am not much of an administrative guy more hands on with the ground work and seeing the future property bring in cash flow. 

I am still researching on the blogs and discussions so my outright apologies if the questions are redundant. 

I am setting up the administrative side of the property. Eventually I would like to turn it into an LLC in a year or two from now. Until that time some general advice would be greatly appreciated as I would like the property to have the plans and processes in place prior to most foreseen circumstances.

What has worked well for the paperwork side of owning a property? Cloud based? Hard paper copies on sight? One copy in safe deposit box? (Hurricanes in Florida gotta be prepared)

File folders for each individual unit sub categorized for inspections, tenants, expenses and income?

One general folder for the property broken down into sub categories?

Banking accounts:

Should I open three to four new accounts for each unit with a local bank and the entire property even if I am living in one? To record income (deposits, rent) from each unit and expenses out of that unit specifically?

Even though I would still have to pay out the mortgage with these accounts? Or my own separate checking account and any large cap ex costs if tenants don't pay. Initially I will have to pay (rent) so to speak to myself to cover my additional calculations of expenses and cap ex savings etc. 

Ideally speaking all units will be rental incomes after a year or two, (BRRRR) refinance or the new LLC I create take over the loan.

Being this is my first property should I let an experienced property management company handle this property for the first year?

Thank you for your time and patience with this topic as I am sure many more questions will occur.