You'd be better off getting a separate loan for each deal.

If it is highly likely then you may want to set precedence in this case and not allow the motorcycle in the garage, just let them know  that soon you will have a separate garage where they can park. 

In Illinois, you don't have to file separate taxes for LLC, if it's only one member.

I keep separate files on each of my properties but am finding I could use help with tracking rent payments and lease dates.

Keeping the security deposit separate, to cover other things such as extra cleaning, damages, unpaid utilities, unpaid rent, unpaid fees, etc makes sense.

Keeping a separate banks account is a boon because it allows you to balance your books up to the minute.  

That would be a separate entity from yourself I believe.

From this it would seem that either these are self-managed and your time is worth $0 or they are depreciating physically (perhaps faster than market appreciation) as most PM companies are little more than rent servicers.On a separate note, I would love to hear how turnkey operators are doing in the two types of markets.  

Does anyone know if setting up a separate bank account for sales tax on rental income is necessary in the state of Florida, as is an escrow account for security deposits?  

They are completely separate skill sets and usually have completely separate legal hurdles to jump.Setting up the phases for financing and your exit strategy will be paramount.