Hi All,

I will be closing on my first deal in the coming weeks. I'm closing on a duplex in NJ which I intend to househack. From everything I've read and heard, having the proper systems set up when first starting out is key. I know I can't have everything set up and most likely things will change as I grow my portfolio, but I want to be as best prepared as possible. 

What bank should I put the security deposit it away in, big name or small community bank? Are there any pros cons to each. My thought is to go with a community bank to try and develop a relationship with them in the hopes of using them for refis and loans down the road. 

Should my operating account be in the same bank as the security deposit? If not any bank in particular?

Any thoughts on opening a business credit card to keep personal and business expense separate? I have some money saved for repairs and reno but somethings will need to be put on credit. From my research a business credit card does not impact your personal credit should I have a high credit utilization rate. 

Lastly, are there any technologies I should implement starting out such as Quickbooks. I want to make everything as smooth and seamless come tax time. I also just want to get started the right way, even if it is overkill for a one property portfolio. 

If there is any other advice that can be offered I'll be more than happy to hear it. I know I asked a lot but I appreciate any and all feedback from the BP community. Thanks