How would you recommend I manage my real estate profits, should I open up a separate checking or bank account?

I need some advice.I’m in the metro detroit area and I’m looking to purchase this multi family property that only has one furnace for both units, water and electric is separate.

One aside that I would note is make sure you separate and classify expenses as general maintenance vs. capital expenditures.

Until a date is set and you have leverage to make it happen, don't expect the stuff to move.You need to get that leverage, and that's going to come with either your next lease agreement or a separate agreement because you incentivized them.Personally, I'd just tell them what's going on, offer to pay for a year of storage (instead of buying a storage shed), and try to get them to vacate the garage. 

Or would there need to be a separation where the $200k 1031 money is kept in my name, and the $100k mortgage is kept in my wife's name?

I should have spent more to soundproof between units and separately meter the basement unit.

I was shocked when my (California) attorney STRONGLY suggested that we need to have a separate LLC for each property we have.   

It feels like I should be able to use a couple amortization tables and keep track of each property separately in one excel sheet, but I'm not 100% sure how to set that up to be accurate.Thanks in advance for the insight!

If you didn't win a Respectful debate with an inspector on the site, or at least get him to pause and return, your stuck doing what he asks for in this instance.That being said, its fair to argue with them that the plumbing permit can be inspected and finalized, and a separate  citation against the property should be recorded for whatever violation the inspector believes must be addressed.  

It feels like I should be able to use a couple amortization tables and keep track of each property separately in one excel sheet, but I'm not 100% sure how to set that up to be accurate.Thanks in advance for the insight!