Bank account for rental properties
So I am about to collect my first month's (plus last and security) rent on my first property - rental application in, background checks complete, initial deposit provided in the form of a check... but I don't have a bank account yet, other than my personal accounts. Is this a problem?
Is there any reason I should not just deposit these initial checks into my personal account and then work on getting a business account, or another checking account set up later on. Ideally, I would like to get the checks deposited ASAP to keep this moving forward, but don't want to get into any tax issues, etc that I am not aware of.
Also - second question is what types of banking arrangements do most landlords/investors have? Do you set up separate accounts for each property? Is it best to use a regular checking, or is a business checking better? Why?
Thanks!