Bank Account Options for REI

[Matthew Hammond]

My wife and I are working on acquiring our first rental property (Short Term Vacation Rental), and I was wondering what you recommend as far as setting up an Operating Account. I've read posts about about having an account for every property vs. a single checking account for everything. Personally I prefer the single account and just using QB for tracking revenue/expenses. But what are your thoughts on using an interest bearing Money Market Account versus a simple checking account, or are there other account types that have more benefits for a Real Estate Investor? We are not creating an LLC at this time, so this will be a personal account at least starting out until we grow a bit bigger (hopefully)... Any thoughts out there? Thanks in advance!!

[Julian Sage]

I like the Profit First model from Mike Michalowicz for setting up accounts.