security deposits for triplex.. how many saving accounts are needed?

[Tom Server]

If i have a triplex and receive the tenants security deposits.. do i need to open 3 separate interest accounts with the tenants information?  Or do I  open any saving account with all 3 units ?

[JD Martin]

Quote from @Tom Server:

If i have a triplex and receive the tenants security deposits.. do i need to open 3 separate interest accounts with the tenants information?  Or do I  open any saving account with all 3 units ?

 Depends on your state, but generally you can comingle deposits with other deposits so you'd only need one deposit account.

[Evan Polaski]

@Tom Server, as JD noted, in Ohio, I put them in my one and only account that I have for my properties.  That being said, like most things with being a landlord, if you are a decent person treat your tenants like people, remain communicative and respectful, make necessary repairs, it is highly unlikely you will ever get sued or anyone will ever question if you did everything by the book.  

[Jacob Sherman]

should consult with local real estate attorney or property manager and they will advise the best way to do it 

[Tom Server]

Quote from @Jacob Sherman:

should consult with local real estate attorney or property manager and they will advise the best way to do it 

 Thanks Jacob 

[Michael Smythe]

@Tom Server most states only require a separate account for ALL security deposits one holds.

Of course, this is NOT legal advice and check with a competent attorney.