Also book keep tips and tricks that you use in your own business.

Hey @Mike Shirley I'd recommend finding a solid bookkeeper and CPA to consult with on this.It'll be reported as rental income but structured correctly using depreciation and cost segregation (in some cases) you will be able to claim a passive loss on not owe income tax on your rental income

@Jason Dillard - Definitely not the same as paying taxes on principal portion of your mortgage, but yeah, one ought to have enough cash to deal with taxes and bookkeep appropriately...

I was in very large partnerships with K-Mart shopping centers and even those failed miserably.When you are dealing with other people's money you have serious obligations and you had better be really good at bookkeeping, handling income taxes, and reporting to your partner(s).

From a bookkeeper's point of view using an EIN helps create a clear line between business and personal. 

YOu have to look at what the total cost is for the extra bookkeeping and taxes and whether or not the LLC will really protect you.

BP, I'm cleaning up a year's worth of bookkeeping with Stessa and running into some issues.

The benefit of having each asset is that if you have any legal issues with any of your properties, then it will be contained to that single property and will not impact the rest of your business or personal life as significantly.The cost involved is that you will need to introduce additional entities, which takes time and money, as well as learn to operate them correctly to avoid any bookkeeping issues.

Bookkeeping can be difficult because rent payments are mixed with other transactions.

The due on sale clause after title transfer scares me so if I'm not using an LLC will opening a second separate personal checking and savings account at my current bank suffice for bookkeeping purposes or is it still preferable to open a business checking/savings account?