Do I need a separate bank account? 1st Time Landlord, Owner Occupy

[Forrest Soule]

Recent purchaser of a duplex I will be owner occupying. I plan on doing a lot of renovations as well. Should I set up a separate bank account for rent collection and renovation expenses? Is this typical? 

Thanks!!!

[Alex Pelletier]

To add to the great responses above, I'd recommend you check out some of the rental bookkeeping software or features on different rent collection platforms that will help your accounting as your business scales with more bank accounts and properties. It would make your life a lot easier if you have a separate account for your rental-related expenses! 1 per property/LLC is important for compliance but the bottom line is it'll also save you a lot of time.