First Duplex Questions

[Brandon Sarrett]

Hello, 

I am under contract on my first Duplex. I used an FHA loan but I am concerned about accepting rental payments into my personal bank account. Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?

Or should I wait until I refinance and transfer property to LLC? Supplimentally, Do you all reccomend any bank accounts where you can easily manage sub accounts within main account? AmEx or Discover?

Separately, I will be needing to raise rent for existing tenant to match market rates.  Any advice on how to do this would be helpful.  I have heard of the "Binder Strategy" of being super transparent.

Any suggestions are appreciated, Thank you!

#AskDavid