How to Setup Bank Accounts

[Andrew Threet]

Are there any CPA's or experienced investors on here that can help me out with how to setup my bank accounts or offer advice on how you setup your systems for your real estate investments?

I'm looking to close on my first house hack within the month so I'm trying to open a new business account for this. This is what my plan is so far. I was going to use a savings account to hold the security deposits, and a checking to collect rent and charge all other expenses.

But when it comes to reserves, should I open up another checkings/savings to hold these funds? Or should I just keep it all in the same checking? But if I keep my reserves in my checking how do I keep track of and separate what I'm setting aside for reserves and what is my monthly cash flow? Should I take out my cash flow/profits and put it into another account?

I know this is a loaded question, but I feel this is a crucial part in running a successful real estate business and I want to set up good habits from the start. Any advice on how to handle my bank accounts would be much appreciated!