Newbie - Setting up bank accounts

[Marc-Andre Bordeleau]

Hey guys,

I'm about to close on my first property and the realization is finally starting to kick in. I need to get my stuff together.

So I was wondering, for those who have one or many rental properties, how do you have your bank account(s) set up. 

Do you simply have a checking account for each property? Depositing all rental income into it and having all your expenses being transferred out from said account? Do you pull out the cashflow remaining and transfer it into a separate account? Do you transfer the money you set aside for your repairs and maintenance into an other account?

Just want to know what is common practice with experienced investors and what isn't.

Thanks