Checking/Savings Account for Rental Property
I have seen several different opinions on this matter but I wanted to get some up to date recommendations. I am working on acquiring and moving into my first househack (2-4 unit property) sometime within the next 3 months. At that time, I will also rent out my current primary residence (SFH). I am looking for advice on the most efficient way to set up my financial accounts as a new investor.
My plan was to open up a separate checking and savings account to manage income and expenses for the SFH with the following breakdown:
- Checking: income and expenses
- Savings: to hold security deposit and reserves
Should I also manage the income/expenses of the 2-4 unit property through this new account? Or would it be best to manage the househack through my personal account as I will still be living in one of the units? Thanks in advance for the advice!