Starting Out Setup... Bank Accounts, Credit Cards, Etc.

[Justin Kushner]

Hello, BP Community!

I am close to acquiring my first two SFRs in Alabama, and will be adding one in Indy shortly for a total of three.

While this is very exciting indeed, I am now getting overwhelmed with the concept of how to structure them separately so as to keep my finances straight.

At this time, I am not going LLC route, but rather the hefty umbrella policy route.

(I will probably transition them to LLCs in the Future).

I want to lay the foundation for CLEAN and EASY TO TRACK Finances... as well as PROTECT myself.

My questions are... 

Assuming I will have three properties... How in the WORLD should I set this up for BEST ACCOUNTING and TRACKING purposes? 

- Do you recommend a DIFFERENT BUSINESS Checking Account for each Property? 

- Does Each Property need its OWN BUSINESS Credit Card?

- Will my ONE hefty Umbrella Policy keep me safe from Personal Liability for a while?

- If I am going to move these into an LLC later, do I need to avoid paying for expenses for the property from under my own name, on a personal credit card, for example? Is this a major consideration in the beginning now?

Thank you all! I am SO EXCITED to get started, however, a bit overwhelmed now about how to keep it all straight.

Justin