To avoid opening a bank account and following all the rules that come with collecting and holding a security deposit I figured id just treat last months rent as security deposit.

@Conrado BalicustoWe utilize RentecDirect.com as a tenant facing portal to collect our rent, deposit it to our bank account, market our properties, screen our tenants, handle our accounting and more.  

My question is, can I open a bank account for the PA LLC in my home state of New York? 

Getting the sellers profiles sounds good, but not generally allowed.This might bight you later when the platforms realize you are not the original owners.I'd get everyone's contact info and tell them you are setting up new profiles under your name with your bank account etc. and ask them to rebook under the new profiles.Then I would offer discount pricing to start with to get more reviews and build your brand.

I love the fact that you can create rules that match the bank feed so that you don't have to "book" each and every transaction that comes through.

Don’t bank on them getting lower.

In the apartment industry, typically $250-300 per unit per month is held by the banks in escrow, but R&M can be much higher - Utilities - Is there any common-area lighting?  

To clarify your question you are holding a note against your personal assets in your name, and if you refi with the bank your wondering if that will create a taxable event? 

There is little you can "learn" there aside from seeing the fastest way money can magically disappear from your bank account and into Bigger Pockets.I've been doing this since the 70s.

An LLC and IRS Employer Identification Number can be used to open a business bank account.