It can be a separate checking or savings but just make sure to have a "holding" account where only security deposits are held for your sanity.I won't speak to liability since I'm not a property manager, attorney, etc. 

They offer SFRs across the country (1031 eligible) that are fully triple net lease - meaning there's no costs to the homeowner, no vacancy liability, no unexpected repairs and maintenance, NOTHING.

Proper documentation ensures you’re prepared to substantiate your claims.Federal REP or STR material participation allows you to deduct rental losses against active income, significantly reducing your tax liability.

Just to add to what has been said here - if the seller described this as a triplex on the sale documents, they might have a legal liability.  

In my mind, the liability and possibility of harming the seller outweigh the rewards.  

A pool can be a big liability, but can also be a bonus for the right tenant that is willing to pay extra for that amenity.

For rentals, consider holding properties in an LLC for liability protection.This post does not create a CPA-Client relationship.

Although Philadelphia is only requiring you to get General Liabilty, I think you have a bigger exposure to Professional Liability (E&O) insurance. 

@Brice Alef-Torrisi To manage finances for multiple properties, maintain separate bank accounts for each property if held under different LLCs to avoid commingling, which could jeopardize liability protection and complicate tax deductions.If properties are under one LLC, using a single account is fine but requires detailed record-keeping for each property.

My options are very limitted and the situation is very draining even I follow the bigger pocket advises and I unvested a lot of time in learning and also have years of experience with tenant.