Accounting for multiple properties
I plan on putting a call into my tax preparer as well about this, but figured I'd ask you all to start: My partner and I have 2 multi-families: a duplex and a triplex. We're still getting our feet under us and systems in place (and working on our first eviction - hooray) and my question is if you think we should have separate deposit/checking accounts for each building? A little background:
These are B+ properties whose tenants (when they pay) typically pay in the form of a mailed cashier's check. We're trying to get them on board with bill pay/smart phone transfers - but as they're all inherited tenants we didn't screen them and the previous owner was fine with pony express. We have their deposits in a separate savings account.
Do separate accounts help at all come tax time or for other reasons? Or is it just an option/systems preference?