Setting up Bank Accounts
I will check with my CPA as well, but am interested in BP members' best practices for setting up bank accounts for rentals. I am transitioning my rentals into LLCs and plan to have a separate bank account for each. I also have an LLC for overall management of my business. I am unclear how to allocate expenses between my property LLCs and my management LLCs. For instance, if I go to Home Depot and buy a vanity and a range for Property LLC and also buy a drill and some other supplies that will be used for all my properties, do I have to purchase the general supplies using my management LLC bank account, but the property specific items out of the Property LLC account? Seems incredibly cumbersome.