Setting up accounting on my first rental

[Jeff Caldwell]

Just closed on my first (turnkey) rental property and I realize it may not be a good idea to have all my deposits and expenses related to this house going into and out of my personal checking account.

Any ideas on how to handle this?  My first idea is to set up a separate checking account linked to the direct deposit so that rents can go directly into a "real estate" account.  Maybe get a credit card linked to that checking account?

I imagine as I accumulate more properties that I will want to use a vehicle like an LLC and have nothing tied to my name but for now I just need to be organized.