Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

Hi all, I own a lot outright ($190k) at the Delaware beaches.

Quote from @Paul De Luca: @Mitchell PetroskyWelcome!

Next, the GP which owns 1% should be a Delaware LLC because Delaware corporate laws are well established and business friendly.

When a squatter decides to park his RV across the alley from the d**e house, never expected it to be Walter White.

I did look into them though a bit and I came to the conclusion that I would rather just do a 1031 into a Delaware statutory trust (DST). 

Make it clean, de-risk the exchange process and simply your costs for the exchange.

We had one in Mass. recently where they overvalued the property which was in awful condition and compared it to homes in a cul de sac that were updated.

Quote from @David De La Torre: Hello Cleveland Investors and Landlords,What do you think is an affordable price for getting your grass cut monthly by mowing/landscaping services?

(enter sarcasm), but now my local LLC owned by my WY LLC owned by a DE corporation is no longer anonymous and my tenants are going to sue me for everything I own... :)