Flip funded by private money. Separate acct for transparency?

[Andrea Duke]

I’m doing my first flip funded with private money. 2 lenders, actually. Any suggestions on whether I should open a separate checking/savings acct to clearly report use of funds? I don’t want to over complicate the process, but feeling like there should be some set of procedures in place when usIng OPM. Also, how often are you reporting back to the lenders with financial updates on the project?

[Jim Pellerin]

I wouldn't bother with a separate bank account. Just track things in a separate ledger account. A bookkeeper should be able to help set that up for you.