I'm closing on a flip in Ohio and I wanted to know if it's worth setting up a legal structure for it? I'm buying it in my personal name and plan to sell it in my personal name. I'm not sure if a structure is needed since I'm selling it either way? What about in the future if there are construction defects, should I protect myself for that?
Looking forward to your input!
If you are are buying it with cash you could buy it under your llc, but if your getting a mortgage I don't think many banks will lend to your business. As for the construction defects, I would just make sure you do your homework on the contractors and make sure you are doing things to code..... Keep records of the things getting done. I may be wrong but setting up an entity that is not the owner of the property will do nothing in terms of protection.