Bank Account Structure Help Needed

[Jamie Quint]

I may be inheriting management responsibilities for a few rental properties soon. The current setup is a mess, with funds intermingled between buildings for cost of repairs, maintenance, rental income, etc.

Is there a standard way to structure accounts. I would assume three accounts per building would be good. One for rental income, one for capital expenditures, and one for operating expenditures. Is this right? How do you structure your bank accounts across rental properties?

Would love to also hear from any accountants about what setup makes it easiest for you to do your work.

[Bienes Raices]

Jamie, I'm not sure about your other questions, but I would check your state's laws about security deposits. You may be required to dedicate a single account just for those deposits. That's what I've done.