I have a mix of B/C in the portfolio but was fortunate to buy into some of the B neighborhoods when ratios were above 1.0% a few years ago.

I want to do things right and to the letter as it pertains to the law.I was told by a landlord and realtor friend of mine that what you must do is open up a separate Business Account, in your own name (since the property is in my personal name (FHA) ), and then put the deposits in savings accumulating interest, and the checking is for rent.I did that, now the bank is telling me they can't really keep a business account in a personal name, and that it would have to revert back to a personal account, unless I call up the secretary of state and register myself as a business or a sole proprietorship.The funny thing is I already have an LLC, which I believe I registered as a sole proprietorship at the time, but I didn't want to mix the 2 because this property is in my personal name, and this LLC will be used for other strategies in the future.Do i register myself as a business, do i use my LLC for this account and set it up as some kind of management company here, do I let it go into a personal account and just use that, could that not be co mingling of funds, especially if I pay myself from there?

This brings me to three main questions:Financing – My investors are flexible with repayment options and we have discussed a mix of fixed interest and/or profit-sharing.

Umbrellas can have some challenging requirements in order to extend those limits across multiple policies – typically requiring all policies to be through the same carrier, and be the same type of policy (ex. personal and commercial cannot mix, and admitted carrier versus excess and surplus lines carrier often cannot mix).

There are investors here that have long term tenants because the make-up of our economic base is a healthy mix between white and blue collar jobs.

Too many people try to save a few hundred dollars by doing their taxes themselves, but once you start to add real estate to the mix, the taxes get complicated!

We have options and such mixed feelings; we really like this property:1.

All in all, any experience is a good experience and my wife who knows Greensburg better than I do was right that we need to stay away from that particular area of Greensburg and look in south Greensburg.Good to know you went with an LLC before buying your first property - I’ve heard mixed thoughts on wait til you have several properties vs. doing one right away.

A couple years ago, I had a mix-up with my bank as to who was going to pay the insurance. 

I'll through Lead Sherpa in the mix for its LLC, corporation, trust, and individual skipping.