How to manage rental income, expenses etc bank accounts
I am seeking advice on how to manage my cash flow with my 2 rental properties. My wife and I currently have full time jobs and I manage both the properties myself. So far I have been collecting rents in one account and paying the mortgage out of the same account. My question is how should I handle the expense. I have been paying all expenses from our joint accounts and leaving the rental income in the account untouched. So when I have to fix a plumbing issue say $300. I pay it out of our checking account and never reimburse myself from the rental account. Is this a bad way to manage it? Obviously the account grows to a large number this way and right now we can handle the expenses from our salaries. But if we get more properties I may have to change my strategy? Any advice would be greatly appreciated.
Thanks, Jayson