Thank you both so much for the detailed repliesA few questions related to Accounting if you don’t mind1.Do you recommend separate bank accounts for each property, or does a single account work better?

I also have a separate mortgage account for each property.

I have a chance to acquire a property that includes a mobile home park (100% leased) and a separate multifamily property.

Here are the numbers I know so far:Rents4 units all currently occupied on one year leases- #1: 1/1 $995 monthly- #2: 1/1 $995 monthly- #3: 1/1 $995 monthly- #4: 2/1 $1,100 monthly- Gross rents: $4,085 monthlyExpenses- $12,070 taxes annually- $350 monthly insurance (my estimate, they have liability only right now)- $175 monthly landscaping- $120 water (electrical on separate meters, tenant pays)- Total expenses: $1,651 monthlyNOI around $2,434 before vacancy, maintenance, and management (although i would likely self-manage these)Property needs about $50K in other repairs and udpates from what I can see.

Whatever you choose, make sure it is kept separate from personal finances. 

They should lock and not separate.

As we try to catch up on those back utility bills with the tenant, they have applied part of a rent payment toward the utility catch-up even though the tenant made a separate payment to catch up on the utilities, as previously agreed and discussed with RHR specifically (an installment plan to pay the entire past-due amount back). 

Are the separate mechanicals for each unit? 

(Confusing we know, this means that not only does the customer stay for 7 days or less on avg. they also don't come back multiple times during the year for separate trips and these stays add up to > 30 days -> Trip one: 7 days, Trip two: 7 days, etc.)Personal use of the property of 15 days or more OR more than 10% of the total rental days will cause the property to become a residence.

Now in the third generation most of us don't do it because there's a separation in what my immediate family values, and what the extended family values.