Is it recommended to have a separate checking account for this or we can get it transferred to our personal checking account?  

@Zachary YelderI am curious, how did a realtor from Phoenix end up with a huge house in Greenville?

This year I signed up for sessions there like underwriting multifamily and cashflowing multi family in high rate environments and I'm excited to hear what they have to say, plus it's in person so lots of good networking to learn from others.

Currently house-hacking - Renting out spare bedrooms.

This means we need to buy under an LLC and not our personal. 

I am under contract on the sale of my first home, I have owned the house for 10 years in Oakland County, MI. 

I have someone who has a house they would like to sell but unfortunately they dont have the money to make the fixes needed to get premium for it.

However, finding the right fit for you and vetting that person is going to be extremely important. 

You could do that for 3-5% down.. live in it for a year to meet typical requirements for use… then move into a new house, and ‘voila’ - you bought your second (multi-family) rental for 3-5% down instead of 20-25%.It is entirely possible though that you will face debt to income issues on your first rental if your lender wants to see a year or twos worth of rental history before counting your rental income to offset your debt payments…so beware of that.Otherwise you may have to look at creative financing… maybe bringing in a money person where it was a short term investment for them, like “I’ll give you 8% on your money (versus the 4-5,% you could earn from the bank CD) if you will partner with me on this purchase.”

Find that person that it might be valuable to and partner with them.They will be the ones who offer more equity because they NEED you.