One property owned by 2 LLCs - How to setup banking?

[Brady Stout]

Hello,

We are in the process of a 1031 Exchange. We are selling 2 properties that are each owned by different LLCs and will be buying a single larger property. Because of the 1031 Exchange rules, we will need to buy the new property into both LLCs. The property will be owned about 40% by one LLC and 60% by the other. How should we set up our bank account(s) for this property? We will be using the property for short term rentals. I would like to minimize the complexity and make things as simple as possible. What would you suggest? Thanks!

-Brady