If your intent in purchasing that house was primarily to resell it (pretty much the definition of flipping) then no matter what you did procedurally it will not qualify for a 1031 exchange. 

The processes you have in place right now may be sufficient for what you're doing but maybe totally insufficient when you scale which will force you to create new procedures as you grow.

Standard operating procedure. 

Now that I will be making my investment, I am unsure how to procedure when it comes to setting up my banking account.

I just purchased a multiuse building, the main floor is a vacant former dental office.

Serve the notice, follow the procedures, but still be cordial with the tenant so they don't wreck the place.

I have successfully operated my Dental office for the last ten years. 

Standard procedures should include MLS listing, yard sign, open house (either public or for brokers) mail outs around the listing, emails to their investors and other cooperating brokers, excellent COMPS/Available/expired lists provided to you, great photos--maybe even a video or drone footage-- and WEEKLY contact with you about the activity.   

I also go against recommended procedures and mount wax ring to the wax buttered flange, not to toilet.

My sister in law will be attending Dental Hygienist school, while my brother in Law will be in Chiropractic school.