Investor · Virginia Beach, VA · Member since 2014 · 59 posts · 7 votes
I'm looking at a house that could be flipped and held.
I'd also like to have the extra acreage it has and block it off for RV's to come and hook up, I'm however confused on if I should purchase this property as an LLC(which I haven't created yet) or if I should buy it as my personal estate and just rent out sections of land. I foresee this being an issue because I'm collecting an income from the property. Since I'm not a business however I already have a few other properties I'm renting out...suggestions/thoughts?
Specialist · Houston, TX · Member since 2012 · 579 posts · 301 votes
11y
Talk to a local real estate attorney to find the best business setup for your investing. It could be an LLC, trusts, S-Corp or other.
As for the extra land and RV park plans, be sure to do tons of due diligence with the local permitting authorities to make sure you can do this and what the rules are. Most cities and counties have strict rules for parks, setbacks, utility connections, fences, parking, etc.. You might even look at splitting off this parcel as separate parcel on the tax roles.