Should I start an LLC

[Derrick Martens]

Hello,

I just bought my first rental property here in Chicago. I originally was following the "BRRRR" model, but this condo unit is what you would call turn key. I got it for a great price in a neighborhood that is rapidly changing for the better. I also inherited two great renters who wish to stay and continue paying rent. My question is, should I form an LLC and have the renters make checks payable to my new company? Also, if so, does this mean I need a separate (from my personal account) bank account for my LLC? Thanks for all your help!!

Derrick Martens