Need guidance in setting up business in right way from start..
Hello Forum,
I am very new to real estate investing. I have an investment property, cash paid, in Hoffman Estates (a suburb of Chicago), IL. I live in Peoria witch is about 2 and 1/2 hours away from Chicago.
I am planning to start my real estate business with rental properties for positive cash flow.
After going thru various info online/YouTube etc. I am thinking to start and Umbrella LLC and then start smaller LLCs which will have 2-3 rental properties in it.
1) Can you share your views if I am thinking in right direction? I want to protect my assets in case of any unforeseen adversity with right structure and proper insurance etc.
2) Will I be able to put my current investment property in the newly created LLC?
3) How would I get loan from bank on this investment property, which will be under LLC and not in my personal name? I will use the loan for putting 20% and some initial expenses.
4) Do I need and attorney to create umbrella LLC and individual LLC? What type of LLC would it be?
5) Do I need a CPA who understands the real estate business so that all expenses are stated correctly?
6) for CPA and Attorney, could you suggest some good ones in Hoffman Estates vicinity?
7) anything else, I should consider to start my business a right way, please?
I may ask more questions as and when I come across.
Sincerely thanks you very much in advance!!