Property management escrow account structure?

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How are property managers structuring escrow accounts for rent collection?

Do you create separate escrow accounts for each building?

Do you collect all rent through a single account before distributing to individual owner accounts?

If you have a single account that initially accepts rental income for multiple owners, do you create escrow protection by holding this account under a separate LLC that is different than the management entity?

The answer to this question is state dependent. If you haven't already, check with real estate brokerage laws to ensure that property managers are not regulated by the state. If they are, then the law might tell you how escrow accounts have to be handled.  Otherwise, what I've done before, is just get two bank accounts. One to collect all rents, pay the owners, take your management fees out of, and pay out repair costs, the other to put all the escrow funds like the security deposits.  Create a spreadsheet to track who all is owed money out of the escrow account. Note that if the bank charges a monthly fee for the escrow account, then you need to reimburse the escrow account periodically so your escrowed funds total up correctly.