Hello all,
First post but long time reader. I'm not new to being a landlord (we own a multi-unit property that we used to live in but is now fully rented). However, we've never properly set up the money side of our rental income. Right now, the income and expenses from the property come out of my checking account (which is my only account, so I also do everything else out of this account).
I know we need a separate account for the rental business, so I'm very curious to hear how others have set this up, particularly when you have a property manager. Does your property manager have access to the account? Or do you have a separate account for unplanned/minor repairs? How much do you keep in the repair account? Some of our tenants do electronic deposits of their rent, but others still pay by check.
Does anyone have a website or book on the financial side of landlord-ing to recommend? I feel very behind the curve on this!