Hello BP world:
I am a moderately experienced RE investor but nearly all of my investing has been in large scale MFR properties as part of syndications as LP and 1 as GP.
However over the past year and more actively into next year with my aging mother in law, her rentals require more TLC than she can do and wife and I want to assist in their asset management.
Right now over past 8 mos we've been dealing with her most valueable property, a NNN lease restaurant w problem tenant whom we eventually non-renewed and are just about to sign a new tenant in place.
ONce done my MIL has 4 more rental properties all SFRs in CA. (the NNN is also CA).
Wife and I planned already to set up a asset mgt company for our rental portfolio and we planned on adding her properties into that fold...
SO--
For Bank Accounts: Currenly MIL has ZERO LLCs -- all in personal name.
My thought was we should collect the rents into our asset mgt LLC then send her the money after it hits our account as we will have power of atty to deal w tenants if/when they are late or other issues arise
if so , do we need SEPARATE ACCOUNTS (Checking and perhaps savings?) for each property so that Security Deposits and rent checks are segregated and each property has its own accounts ?
Im curious how other property mgt co's do this?
thanks for any help on this.
