If it were me I would set up a separate account for your rentals and run that part of your life out of that account. 

Thus the need for an emotional gut check. 

I am not sure if you have separately controlled units or you are talking about RUBS. 

Says SSN may not be valid and to verify identity.I'm concerned that the tenant who is well-qualified is moving out, and the tenant who wants to stay is not qualified (the income concerns me, as well as Tenant 1 telling me on the phone that she's willing to help Tenant 2 which makes me think Tenant 2 really can't afford the place solo).Tenant 1 also told me that while the garage apartment is separately metered for utilities, the seller kept those utilities in his own name and has tenants venmo him for the utility bills.

@Joshua ArsenaultMany people who are CPA's that don't work on Pennsylvania / Philadelphia often miss out on some filings that can cost clients a lot.Philadelphia is a unique jurisdiction that has its own filing obligations.The NPT(Net Profits Tax) and BIRT(Business Income Receipts Tax).The above filing obligations are required but hopefully don't increase your tax burden.Also you mention, "partner and I", depending on how title is held(Tenants in common vs partnership/corp), a separate entity tax return may be required.Best of luck

If all of these leases were just signed and have 12-24 months left, you are going to be paying utilities there for a while...Assuming utilities are separated to begin with, I'd have a new lease ready to go for the conclusion of their current one.

Sometimes Duplex-Quadplexes can be overrated and it is not until 16 units+ that Multi-family truly separates itself.

You can setup a separate zone for that unit, add mini-splits which cool and heat, or get another boiler. 

Some companies will include the Liability while others write it as a separate policy.

Hi all, I am curious to know what the BP community thinks about opening a separate bank account to collect tenant rent.