What types of IRS/CPA approved payments are working well for rents to LLC entities to keep personal and business funds from co-mingling? 

As far as LLC structures and tax strategies you should find a CPA who has experience with real estate and small business.  

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

Have you discussed the strategy with your CPA? 

Consult a CPA or real estate attorney to understand tax implications, build a reserve fund for unexpected costs, and research local regulations to ensure a smooth and profitable transition into rental property ownership.Good luck!

I'm not a CPA or financial advisor, but just my 2 cents for what it's worth. 

Please talk to your CPA.

Splitting the gift across multiple years may reduce immediate tax reporting but requires appraisals, legal documentation and proper structuring.If the house is highly appreciated, holding it for inheritance may be more tax-efficient because the recipient would receive a stepped-up basis to the FMV at the time of your passing, eliminating much of the capital gains tax liability.This post does not create a CPA-Client relationship.

Reporting begins when it's placed in service, not when it’s first rented.This post does not create a CPA-Client relationship.