What do you do with Cashflow?
I am new to investing, as I have bought my first 2 houses in the latter half of this year. I guess I didn't think this part of it through in detail before starting my new business, but, as stupid as this question may be, what do you do with the cashflow? I am netting about $700/month between the two properties and hoping to add a third by early next year, and I have caught myself wondering what to do with said net income i.e., do I pay myself a salary? Do I just let it sit in their respective accounts until I need it? Do I have to pay income tax if I cut a check to myself? Do I open another account to collect my cashflow in? I have no idea at this point, although I am leaning towards just letting it sit there for now. I guess I should ask my CPA, but since I've already spent the time to post this, I'd like to see what the BP community has to say...