Separate bank accounts for property

[Stephanie Mccolaugh]

We are purchasing a property that is (1) parcel of land with (2) single family homes on it. We plan on living in one home for 1-2 years as our loan is based on a primary residence, and renting out the other home. For book keeping and tax purposes, should we have a separate bank account (2) for each house? Or just (1) for the parcel? 

We will be renovating both of the homes, and I don’t know if we should keep the costs of renovating each one separate for deductions, or if the home we will be living in qualifies for said deductions if we are residing there. 

Any guidance on if we should get (1) or (2) accounts for this single parcel would be helpful.

Thanks!

[Nathan Gesner]

There's no benefit to additional complexity. I owned 33 units and used one checking account and one savings account to manage them all. You can use management software, quickbooks, or even an excel spreadsheet to track income and expenses for each property.