Bookkeeping and Bank Account Question

[Amanda Scully]

Hi everyone, 

Just a quick question about bank accounts and bookkeeping...so, with rents coming in and having to account for regular expenses as well as cap ex on each property, etc. do you end up having multiple bank accounts? One for each property? This part is getting me all mixed up when I think about how to manage that aspect of owning multiple properties. 

Right now I only have one property and I live in one unit, so I already feel like I'm doing this wrong because I don't have a separate account for the property itself. I guess because I live here I just pay for major repairs, etc. right from my own personal bank account. But I feel like this is wrong and I should make it more professional in order to prepare to keep it going the right way as I purchase more property. Any insight would be much appreciated, thank you!