How to organize finances when renting property

[Rita Lo]

Hi,

Just starting out as a landlord (with a single property), and wondering what the best way to set up finances is. I currently operate out of my personal bank account, but was told it's a good option to set up a separate business bank account for everything involving this property (rent, any expenses associated, property management fees etc.) Should I pay my mortgage out of this "business" account as well? And what are the tax implications if I make money/if I lose money at the end of the year? Any advice appreciated.

Thanks!