Managing multiple LLC's
Not sure if this is the right category to post in, but I have a general question about managing multiple LLC's for rental properties. If you hold rental properties in individual/separate LLC's for privacy & protection purposes, what's the best way to handle income & expenses for each? Is it recommended to have a separate bank account in the name of each LLC? Or could you setup another LLC as a management company and run everything through that?
Also I'm a bit unsure how to handle the initial investment in the case of an LLC being formed to purchase property and then subsequently build a new property that will be used as short term/vacation rental. Obviously, the LLC owns nothing at first, so money has to come from somewhere. We are paying cash to purchase property initially, getting a loan to build, and then spending funds to furnish the new properties. This money has to come from somewhere. Do we just record it in the operating agreement as the initial capital contribution from each member?