Separate LLCs and bank accounts are needed for asset protection, bookkeeping and tax return preparation. 

The goal is to start getting your land-lording processes into place--how will you advertise, how will you screen, how will you collect rent, how will you deal with maintenance, who are you going to use as a lender, what is your process for bookkeeping and taxes.   

Really depends how many you have and what kind of bookkeeping software you are using.

In terms of Costs associated with an LLC-Roughly like $100 to file with the secretary of state in Ohio if you wanted to do it yourself-Cost for your accountant to prep a tax return at the end of the year for that LLC (depends on your accountant)-Cost of a higher interest rate with a DSCR loan -Maybe more advanced, but if you have more rentals the cost of additional bookkeeping software like having to pay for additional quick books accounts.

Hey @Anthony Dupre, whatever you decide for your entity structure, ensure it's simple enough for you to easily abide by the structure in your day-to-day operations.We've had bookkeeping clients with complicated structures that apparently protected them to the maximum degree but they didn't abide by the structure when conducting transactions in their business daily (lots of unintentional commingling).

At this stage I felt saving time is more important than saving money, without hiring a bookkeeper.

Operations, well, you need a PM/Sup, you need a bookkeeper, you need a good contractor, and you need an assistant to manage other stuff.

You have to be born to be a bookkeeper.

You can also just snap a pic with your phone and upload to Google drive, dropbox, etc.If you adopt software to keep up with your bookkeeping, most of those will have an app with receipt capture.

We use accounting software that codes the income and expenses to the property (called a class) so we can run P&L;s on each property with ease.Your accountant and bookkeeper will also thank you later for keeping it simple and avoid significant accounting costs.