Hi @Janna Afanasjeva - I am almost positive you just need to keep all the accounts completley separate regardless of business or personal account and it needs to be an interest-bearing trust account (or something similar).FOR SURE @Mark Ainley, @Jared Kott, or @Jason Marcordes could answer that question for you as they are all local property managers.

Or should I open a new LLC that acts as a sort of “property management” that collects the rent from all of my other properties and pays out the expenses?

While the property is under renovations, I am searching for a property manager but I have been having a harder time than expected.

Back in Washington where we fix & flipped properties I did anything from general contracting from demo to finishing touches, managed project budgets & timelines to stay within our projections and SOW, raised capital for down payment on hard money loans, interest on loans and rehabs, worked with my hands (best at flooring, trim, caulk, cabinets, fences, punch list items) and was the real estate agent for acquiring and selling our flips.

This was super complex for me and REI is definitely not my forte, but it all went relatively smoothly. 

I highly suspect that the reason that high liability limits are relatively inexpensive is because insurance companies have many exclusions to help them avoid paying in the high liability situations.

Seek did however manage to aquire one $14,000 personal credit card.

Their name is Southern Impression Homes, and they build new and set up property management and are positioned as a turn key investment opportunity.

I’m a Senior in highschool planning to go to college for Business management - real estate minor.

What’s the best system for real estate investors who privately manage their own properties??