Everyone seems to recommend separate bank accounts for the business (as landlord, collecting rent, paying expenses, repairs, etc) and personal.My question is, since I live in the small unit (maybe 40% of the sq footage of the building) and rent out the other 60%, it's unclear which account I should use for the roof replacement that is going on right now. 

Account Closed thanks for gat, sounds like you are a pro at it.

Account Closed Thank you very much for the response!

I have looked up the MLS and tax account information and have found the same information.

Originally posted by Account Closed:I am an out of state investor, self-managing a rental in another state.

I have 500k policies for my units (required in order to have my umbrella policy), but I also have an umbrella policy equal to the value of my personal assets/ net worth so I'm protected in case 500k isnt enough. however slim of getting sued for over 500k, if they do and win, it will protect them from taking away your other assets like your house and bank account balances etc. get an umbrella policy in consultation with your agent.

I just closed mine with them yesterday and it's also a free immediate wire to any personal bank account you want. 

Is there certain classes (accounting, finance, etc...) that I could take that would help me?

Good Luck Account Closed to see if he has any properties up there that would be a good owner financed deal.

@Jay Hinrichs This was my initial thought and I talked to my accountant and he said that I could potentially rent it out for a couple of years and still pay no tax.