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HomeForumsGoals, Business Plans & EntitiesForming an LLC with a partner to buy a single family home
Jay Elvin's profile image
Jay Elvin's profile image
Jay Elvin
  • Investor
  • from Collegeville PA
  • Member since Aug 3, 2015
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Jay Elvin's profile image
Jay Elvin's profile image
Jay Elvin
  • Investor
  • from Collegeville PA
  • Member since Aug 3, 2015
Connect
Jay Elvin
  • Investor
  • Collegeville PA
3
Votes |
30
Posts
Goals, Business Plans & Entities

Forming an LLC with a partner to buy a single family home

Jay Elvin
  • Investor
  • Collegeville PA
Posted Mar 20 2017, 09:23

Hi everyone, 

I'm looking to buy a single family home with a partner.  52/48 split.  We are buying the property in NY.  I live in PA and my partner lives in NY.  

What would be the best option for us? My initial thought was start an LLC and purchase the property under this entity.

What state should we file the LLC in or does that not matter? Should we file the LLC in NY and apply for a foreign LLC if we decide to buy properties outside of NY in the future.

I own a multi-family in PA but this is my first purchase with a partner.  Any advice would be much appreciated.  Thank you. 

Jason

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