Business Accounting with Airbnb properties
Now I know it is majorly frowned upon to do your own accounting.... but I have been for maybe 3 months or so in relation to a property I host on Airbnb. My current dilemma is based around opening up a bank account for business and actually creating an LLC. Since I know I need to do both of these I just have a few questions regarding my approach....
1. Can I create the LLC for the property even though I acquired the property as an individual?
2.Should I create the LLC prior to getting a separate bank account set up, or does it matter?
3. If your business account falls short of meeting your expenses, do you simply transfer money in from a personal account? How is that properly recorded?