All - I'm hoping someone can help give me some advice on how to set up my bank accounts with some future LLCs, and which banks folks recommend. I have two rental properties and am looking to put them into separate LLCs. I manage these myself and would like to keep my bank accounts as simple as possible.
I see three options for setting up the accounts required for my LLCs and would love some feedback on what folks think or how they do it themselves:
Option 1 - For each LLC, I set up a checking and savings account. I don't like this option because as we gain more properties, this will create A LOT of admin work.
Option 2 - I set up a third property management LLC that manages the monthly finances of the properties and pays for all repairs and admin associated with each property.
Option 3 - Instead of a PM LLC, I create a holding LLC that owns the individual property LLCs. That holding LLC will then also manage all of the finances associated each property-LLC.
I've seen plenty of content out there about LLCs and the different strategies associated with them; but I've hardly seen any content regarding how to set up one's bank accounts. Any pros/cons or other feedback that people have would be amazing. Thank you so much!
