You don't need to create a new LLC.

Think how much net worth you could have created by purchasing 5, 12, 20, 30, 40, 50 years ago. 

There are individual characteristics such as knowledge of the each strategy, knowledge of market, determination, ability to find deals, create teams, personal finances and ability to obtain loans and fund deals.

If you try it, you will very likely create a different type of problem....gunk up your floor.

Buying rentals can be a great way to create income and wealth.

I'm really unsure if I should be opening a new bank account for rent/maintenance, if I should be creating an LLC or just use my current bank account. 

I'm really unsure if I should be opening a new bank account for rent/maintenance, if I should be creating an LLC or just use my current bank account.

If you put the leftover money into the deal, you may be able to create some monthly cash flow.  

I would have liked to see residential as part of the project, to create a true mixed use neighborhood.

created=1The next serious is taking the time to prep for your project rather you are using individual subcontractors or using a general contractor.