Make sure you work with an accountant who is familiar with that.Enrolled Agent, or an EA, is a designation for a professional who practices in taxation.The requirement to become an EA is to pass 3 exams related to tax and to take continue education in tax related matters.Certified Public Accountant, or CPA, is a designation for a professional who performs Tax, Assurance or Advisory.The requirements to become a CPA is 120 or 150 college credits(depending on state) passing 4 exams related to taxation, law, accounting, audit and management.

So a business account is not necessary.But with that said, yes it’s still best practice to keep all your investment finances separate from your personal day-to-day funds from W-2 jobs, etc, and makes your accounting life easier.It sounds like your existing checking, savings, and LOC accounts that you mention would work fine.

See if you can shadow a successful agent along with buyers, to listing appointments, host open houses, go see vacant houses to practice the use of your lock box access (I say vacant since you really shouldn't displace tenants/owners without a buyer interested).One thing that I wish I had a better grasp of early on is that there are far more ways to be successful than what any one agent will need or use. 

Just trying to get a sense for what is the best way to structure our 5 member partnership, from a practical, legal, and financing perspective.

Think...the abundance mindset.Sharing best practices, being open to helping others, and NOT being selfish have all been crucial to the success I've had.

Another thing I would definitely ask about is what kind of training/support the team offers in terms of marketing, lead generation, and overall practice as a realtor.

Managing a rehab can be difficult near or far, this is something I am still practicing as I get more reps.

I believe a live-in flip is solid first step on actually putting into practice how to analyze a deal, negotiate, and renovate while mitigating risk regarding holding cost and other factors.

Go listen to it because she has some good, practical advice.

Waste of money and a foolish practice for any Rental business