I'm curious what you all actually do with your rental income.
My friend suggested that each rental property should have it's own checking account. All repairs, expenses, mortgage payment, etc comes straight out of that account. He suggested to open the checking account, put in $5k (to save on bank fees and for a buffer for expenses) then operate from that account. Then at the end of each year, to pull out the profits, but to leave the $5k + rental deposit.
So, i'm curious what do you all actually do each month/year? Sorry, if this is a noob question. I just don't want to start off doing it one way, wishing i had done it another...and i'm brainstorming ways to set it all up.
Thanks!!!