It can just be held in a savings account, no special account needed, but I always keep mine in an account separate from anything else.

I am seeking mentors and or guides to help me invest in business that can eventually help offset W2 income tax.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

You can't sell your account.You can only sell SFR properties based on comps not rental income.

If you are able to setup a credit card identical to your accounts payable accrual account, it should operate the same.  

While she is not entitled to my income information, she is entitled to his every year.

First, banks do not prefer W2 income over 1099 income at all.

That being said, the only thing that being a QREP does is allow you to take losses against active income.  

There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

•Set up your EIN and operating agreement.2.Set Up Your Business Bank Accounts:•Open 3–5 business bank accounts to give your money purpose:•Income Account: For revenue and deposits.