Bank accounts for rentals?

[Account Closed]

I am purchasing a 4 unit and was wondering how to set up the bank accounts for deposits, cash flow and expenses. I have heard of trust accounts and commercial banks....getting confusing. Thanks

[Tim Delaney]

Keep it simple. Use separate savings/escrow accounts depending on your state laws for security deposits, open a savings account to put aside cap ex and maintenance and put the rest through a checking account for deposits and everyday expenses. Don't pay yourself until the savings account has enough in it to cover major unexpected events. Work with a bank that won't charge you to open multiple accounts.