property management accounting

Was wondering how other people handle this:

Does one open a checking account for each property to give the owner a separate statement or does everything go through one account and with the help of Quicken or similar software prepare a statement on your own?

If rent is paid 1 year in advance, but the maintenance fee for the property is paid monthly, technically one would need to pay income tax on the unpaid portion of the fee by years end. Should security deposit, a separate emergency fund and the maintenance fee be all in an escrow account in the owner's name to avoid the tax implications? My bank though tells me I can't write checks from the escrow on a monthly basis, I would have to make a withdrawal, deposit the money into my checking in order to pay the maintenance fee.

Any insights very much apprecitated, just starting out...