paying personal cash now instead of waiting for llc/s-corp

[Suzanne HAINER]

Hello!

Finally taking the plunge into the "Flip or Flop" world!  Hopefully, no flops!

My partner and I are in the process of waiting for the paperwork to be processed for our Llc/S-corp that our CPA recommended we set up before we buy anything to rehab. My partner is also waiting for her HELOC money to become available in the next 2 weeks. In the meantime, we have found a great deal on a townhome to flip and I do have personal funds I could buy it with now. My question is: is it too risky to purchase that property without our Llc/S-corp in place? What tax problems will I have such as taxing the profit as personal income? BTW, we live in the Raleigh NC area.

Don't want to miss out on a great deal but I also don't want to have tax issues down the road.  There is soooo much conflicting advice out there that we have had "paralysis by analysis".  Thank you in advance for any and all advice!