Should I have a separate bank account for rental property? Converted our primary residence 2br condo to a rental. That’s all we have.

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100% separate. Some states also requires you to deposit security amount in an interest bearing (savings) account.

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I would. I’d also consider whether it makes sense for you to move it over to an LLC. I’m a corporate attorney and don’t handle much real estate ventures, but there is definitely benefit to separating yourself from the rental property through the LLC for liability purposes, and for tax reasons the income and expenses will pass through to you anyway unless you elect to be treated otherwise. You should discuss it with an accountant and possibly a real estate attorney to see what makes sense for your situation.

Each property is owned by a separate LLC with a separate bank account (on top of that, security deposits are in a separate commercial savings account as well). That way if, god forbid, someone gets hurt and they sue, they can really only go after the LLC and the monies associated with such. It also makes a more fluid process to track money in / out.

100%. You don’t want anyone to pierce the corporate veil

Eg, if your llc gets sued, then they can’t come after your personal assets. If your bank account is mixed with your personal account, they can come for everything

Each property should have its own account. Also, depending on your jurisdiction, you don’t necessarily need to segregate security deposits. Now, this is what we do, is to eliminate/waive security deposits altogether and charge a non-refundable move-in fee (or lease extension fee). In the same amount the security deposit would have been. And you never have to pay it back.

Yes

I would have a separate bank account but preferably not with Silicon Valley Bank

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