Should i get an LLC if planning to flip some homes (2-3 a year) and purchase properties for rental?
I've done rentals to this point for eight years with just an umbrella policy but wanted to expand on that and also dabble in flipping homes when a good opportunity presents itself. So I wanted someone's advice if an LLC would be wise and benefit me in the direction I like to go in real estate or should I continue operating with just an umbrella policy.
@Edwin Gutierrez An LCC has the benefit of sheltering the asset apart from yourself but could also provide some tax benefits. The LLC makes it so that if you are sued for say a car accident they could not go after the properties in the LLC because that is a different legal entity apart from your self. Vice versa if someone got hurt on the property they could not sue you only the LLC.
As for the Tax benefits, I would talk to your accountant. But I would think that if you are going to be doing it as a business that you would want to form an LLC to operate the business under.
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