Banking and Accounting for Single Family Home House Hack

[Kyle Roberts]

Hi Everyone!

I recently purchased my first property, a single-family home in Richmond, VA and am planning to house hack. I'm trying to figure out how to set up the banking for managing the property. I've heard it's best to get a separate bank account from your personal account. However, do I need to pay my mortgage through this account? What about repair and maintenance expenses for the property, as I've read online you need to split those based on what is for the "rental" portion of the house vs the primary residence portion of the house. Can anyone who's managed a SFH house hack provide insight on how they managed the finances of the property?

Thanks in advance!

Kyle