First Time House Hacker - Separate bank account for rent collection?

[Priti Gupta]

Hi,

I am new to real estate and I bought a house recently and planning to house hack by renting the basement out while I live in the house for a year or 2 and then move out and rent the whole house. My question is should I already plan to collect the basement rent in a separate bank account or is that not necessary? I have heard that if you have a property under an LLC, you should definitely have a separate business bank account and credit card for each property but not sure if I should already do that when the property is personally owned. I do plan to put it in a LLC eventually at some point after I move out so I was just thinking if I should just make it separate from the get go?

Thanks in advance.

[Account Closed]

It's definitely recommended to have separate accounts.