So what is the best way in you opinion to set up an LLC? Just file the paper or more in dept? I'm just curious to hear what people have to say
Have your real estate attorney prepare the documentation for you. Good luck.
Okay well that wasn't exactly what I was going for. So are people just trusting that their attorney is doing everything right? Because I had my CPA do the paper wok for me plus he set me up with a lot of other stuff for it. The lawyer I saw was only doing a half way job so I went to my CPA.
You should probably look into hiring a different real estate attorney, who will be more attuned to your requirements. In the jurisdictions I am familiar with, CPA's are not allowed to draft legal documents.
Definitely want a strong operating agreement. Each time I purchase another commercial 5+ unit apt bld (I don't buy little houses in an LLC) the title company makes a copy of it and keeps it for their files. When I borrow money, the bank does the same.
They are different-focused depending on whether you are a single-member, multi-member with family or multi-member with partners. Different purposes and members require different stipulations. Are you doing all this to buy a house or 2 or 5? I wouldn't waste my time. Think this is hard, try financing or insuring a house inside an LLC. They don't mix.
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