You shouldn't put it all in your account day one.

(Most notably, they've gotten REPS aggregation all mixed up in the past.)Based on the regs seems that:- 1245 ordinary income recapture applies to some forms of property that qualify as "real estate" for 1031 exchange purposes- 1245 recapture on such "real estate" overrides 1031 deferral such that 1245 depreciation is recaptured to the extent there's a trade down in 1245 property in the exchange@Heidi Kenefick There are many additional mitigating considerations worth discussing in conjunction a real estate tax accountant.    

If you want to shield yourselves as the owners of the properties, then I guess it's possible, but not sure why you want that extra accounting headache.  

I have set up a LLC for a PM company, opened up the accounts.

Hi everyone,Anyone have any recommendations for an accounting software that can handle multiple properties across multiple LLCsfor short term rentals?

However, beyond that if they are honest in assessing themselves, they might choose to hire or partner with people who can fill the other roles needed such as a realtor, accountant, lawyer, etc.

My question to everyone is how do I open a business checking account without my partner being involved?

Check with Account Closed about all this, but also an attorney!

Why was previous owners not held accountable,  and now we are stuck with all this to do? 

I took a 15 year mortgage at 5% for $500k and then invested that payment for 15 years into an account earning 8% vs person two who took the difference between the 15 year payment and person twos payment on a 30 year mortgage at 6%.