Using LLC to manage other properties
Hi All! I've been mostly a lurker here, but have posted a question or two in the past. I have what feels like a weird situation and I'm trying to figure out how to deal with it. Here's the setup....
We have a rental cabin (short term/vacation) that was built 3 years ago and has been managed for us by a property manager. I never created an LLC for it, so it's in our personal names and we have good business insurance (hotel type policy). So, I have a personal bank account we use to pay the bills (mortgage, utilities, etc), and our property manager sends us a monthly check for the rents minus his fee.
Now... We're in the process of buldiing two new cabins under a newly formed LLC. I put both in the same LLC because they are on the same parcel of land and we got one big loan for all of it. We have a business checking, credit card, etc, for the LLC.
Once these new cabins are up and running, we will be taking over management of the other cabin as well so we don't have to pay the property manager anymore.
I'd like to use the new LLC basically as the "property management" company for the 3rd cabin. But I've been confused over whether to move all the (personal) funds for that cabin over into the LLC account and just merge them all together. Or... Would it be best to maintain the personal account for that other cabin and continue paying bills as we have, and then just have the LLC take a property management fee each month?
I plan to create a new LLC for that other cabin sometime this year and have an attorney help us structure it correctly. At that point, I would assume I'd still need a separate bank account in the new LLC to continue paying expenses, etc.
Not sure why this is confusing me... But I'm trying to keep things as simple as possible, but no matter how I look at it, it's confusing. :)
Thanks in advance!