The checking account is for receiving all income. you paid the bills from that same account, and transfer any savings to the savings account.

@Bill Brandt will definitely be worth asking!

My biggest cost would likely be medical insurance, food being the second, quarterly tax payments, normal bills for the home.Is anyone here living off their rental properties?

@Bill Brandt, If I was only 250 years older I bet I could have got that included in the Declaration of Independence :)@Colby Shelhorse, The actual mechanism of the 1031 is that the adjusted basis of the old property is transferred to the new property by filing the form 8824 with your tax return after a 1031. 

You do not get to deduct the entire amount of your mortgage payment, just the interest portion (and Taxes and Insurance if your lender escrows).So what does buying more rentals do to your tax bill? 

I ask because its possible he would try to bill you for late fees going back to original move in.

This might be part of the cable bill.

$450/mo gas/electric bill?

@Bill BrandtI'm leaning toward that way and buy another property no rent somewhere in like the Florida market.

Thanks @Bill Zahller, @Todd Dexheimer, @Roni Elias and @Andrew Syrios for your response.