The other option is to sign a purchase agreement with the seller, buy the property, then perform a separate contract with your end buyer.

No separate account although we do maintain an emergency account of $1,000 per property.

I hold my security deposits in a separate escrow account at my bank as PA requirements state.

In Wa we can keep the deposit in the general property account, other states want the amount kept in a separate interest bearing account.

I live in Westchester County, NY, and I am considering taking a room in the corner of my house on the first floor and turning it into a rental.The infrastructure is already in place where I would only have to put up a few walls to keep it separated from the rest of my house, but it is a large room with a closet and bathroom that I would like to rent out.It may not be much but I feel like this would be a step in the right direction and a good way to practice being a landlord.My question is: What kind of tax implication would this have on me?

If the water/sewer is separate, sometimes trash is part of that bill so they would each pay their own.

I assume they are deeded separately?

Are they separated and tenant paid?

I wonder if they will extend things again (a 2nd, separate time) if things go downhill?  

or are asking how to buy both properties with separate loans?