1 bank account per property?

[Alex Corral]

Is it recommended to have 1 bank account per property? Seems a bit cumbersome. How do you guys manage your rental accounts?

[David S.]

I think that one bank account per property is a little extreme unless you have each property in a different LLC. Different checkbooks, accounts, debit cards is just a bit much.

You can separate expenses for each property by using QuickBooks or Excel spreadsheets, or whatever method you prefer.  Assign each expense according to the IRS categories on the Schedule E, i.e. Property 1 Cleaning & Maintenance, Repairs, Utilities, etc.