My checkbook IRA owns a rental property. The rental income just sits there in a non-interest bearing account until I invest in something. This bugs me. I am currently self-managing the property but I'm considering switching to Stessa rental management software for it's advertised "Landlord Banking". It's essentially Stessa partnered with a 3rd party bank where the rent payments are ACH-ed into and it is a high yielding account. Stessa calls it a "Cash Management Account". I'm not exactly sure which bank they use because Stessa does not name it on their website but people here on biggerpockets seem to be happy with it. I haven't seen any mention of this setup in regards to IRA investing though. If I open the Stessa account and the linked high yield Cash Management Account in the name of my checkbook LLC does anyone see a problem with this set up if I left a good portion of the rental income to sit in that high yield account? As I am set up now, all rent proceeds go into my checkbook LLC account and rot there until I accumulate some and put it to use elsewhere. The Stessa rates are attractive enough that I would let it accumulate in their high yeild account until I invest in something. Does anyone see a problem with this? Would I have to move the money into my original LLC checking account at some point? Thanks for your advice.
