Rental Investment Units Purchase - LLC's & Bank Accounts
Good morning everyone, I am a new investor in the state of Maryland and anxious to purchase my first rental property. I have selected a realtor thru Bigger Pockets, I am currently analyzing deals and will soon be placing an offer on a property. As I embark on this journey and based on recent discussions held with both financial advisors and estate planners, it was explained to me that each unit I purchase should be placed under its own LLC for both asset protection, liability coverage, taxes and estate planning purposes. I understand these recommendations and will follow thru once a property is acquired. The few questions I have pertain to the accounting and tracking of both rental income and expenses associated with said rental properties:
1 - I use a small office at home for purposes of investing - should I create an LLC now for tracking of general business related expenses I have and will incur moving forward?
2- Once a rental unit is purchased and set under its own LLC, should a new savings and checking account be created to track income and expenses specific to that property?
3- If answer to #2 above is "YES", is that the norm for each property I purchase moving forward? Or can income and expenses from multiple properties be tracked via the same accounts? I would think all combined would be acceptable as long as specific unit information is included on the "Memo" line of each deposit received or check written.
Thank you all in advance for your valuable feedback. Lots of questions as I get started but anxious and ambitious to get going.
Regards!