I guess it all depends on your preferences, portfolio size, etc.I opened another free checking account with my regular bank that I use exclusively for REI property income and expenses.

If the deal is good the investor will come, commercial buyers like exclusivity.

Aloha,For an investor, a key difference to understand is that Residential has a lot of consumer protection "built in" for unwitting homebuyers AND tenants, whereas commercial is viewed by the Courts as a "Business to Business" situation governed almost exclusively by the Contract.

This article discusses a LOT of important exclusions.

use your sec121 exclusion to take it all tax free!! 

This is a new home.Misty, the 2 entities should have separate policies.  1 policy that will cover your new rental and a second insurance program to cover business activities under the real estate company.The main reason for this is that it would be difficult to have a policy that would have all of the appropriate Coverage forms and the removal of specific Exclusions forms to provide proper coverage to both operations.Depending on the size of the rental, start with $1M in General Liability, which could be listed under your rental policy as Premises Liability.For the real estate biz, most companies will start with $1M GL and $250k of E&O. 

We are using AirBnb exclusively right now and have had good success. 

We have 3 furnished rentals all exclusively advertised on FF.

I think the "out of control high" rental and property prices you perceive in New York State are exclusively a NYC condition. 

This is straight from the Chicago Association of REALTORS website:A reminder that the Chicago Residential Lease, and all of CAR’s forms and contracts, are an exclusive member benefit for use only by Chicago Association of REALTORS® members or those who are party to a transaction facilitated by a Chicago Association of REALTORS® member.