Business Accounting with Airbnb properties

[Camila Nicholson]

Now I know it is majorly frowned upon to do your own accounting.... but I have been for maybe 3 months or so in relation to a property I host on Airbnb. My current dilemma is based around opening up a bank account for business and actually creating an LLC. Since I know I need to do both of these I just have a few questions regarding my approach....

1. Can I create the LLC for the property even though I acquired the property as an individual?

2.Should I create the LLC prior to getting a separate bank account set up, or does it matter?

3. If your business account falls short of meeting your expenses, do you simply transfer money in from a personal account? How is that properly recorded?