Just starting out and have questions about setup
4 Replies
Ben McFarland
Real Estate Agent from Broken Arrow, OK
posted about 1 year ago
Just beginning to do some house flips with a family member. Should we set up an LLC for the properties?
Allan Smith
Rental Property Investor from Nashville, TN
replied almost 1 year ago
Have you Googled this at all? There are at least 1000 forums and blogs discussing this topic. And that's just on BiggerPockets alone.
Ben McFarland
Real Estate Agent from Broken Arrow, OK
replied 12 months ago
@Allan Smith nope was just asking the question. Sorry you were bothered by it.
Chris Coleman
Rental Property Investor from Washington, DC
replied 12 months ago
@Ben McFarland if you are partnering with someone, especially a family member, then it's a good idea to formalize the partnership with an entity such as an LLC or LLP.
But you will also find quite a few articles and posts that actually recommend S-Corp status for flips. I recommend doing some research in this.
Ben McFarland
Real Estate Agent from Broken Arrow, OK
replied 12 months ago
@Chris Coleman thank you! I will definitely research it some more. Wanted to start getting opinions so I knew where to start.