Updated about 10 years ago on . Most recent reply
Advice on LLC and partnership
Well today I stumbled across this wonderful website and had to sign up as soon as possible! I spent quite some time reading old posts in regards to my question, but I still need some advice specific to my situation.
Well me and one of my accomplices have been talking for a while now, and finally decided to get into real estate. We are always talking about business so we do have a good relationship and are able to separate social life from our future business life.
With some research and talking to a few connections that I do have back home decided to start an LLC. After doing a lot of reading I am confused on when and if we should even start an LLC. Our plan was to create the LLC and have a detailed operating agreement before even looking to purchase any property. Is this wrong?
I also find conflicting information on weather or not a multifamily home can be under an LLC. A few people said yes, and a few people said no due being less then a 4 unit. Can someone explain to me weather or not it is possible? I noticed you can transfer later with a deed, but you run the risk of "Due at sale clause".