seeking advice on creating an entity for investment property

[Account Closed]

Hello BP community

I'm curious if anyone else has come across this situation.  I'm looking to purchase an investment property with my brother who lives in another state.  We are looking at either AZ, FL or CA.  I am seeking advice on the best entity to create to allow us to not screw up when the tax man comes.  The plan is to be 50 50 partners.  We have not decided whether it will be a long term hold or flip.  Feel free to share best for either situation.

We already have financing figured out, so solely interested in the best type of legal entity to create. 

Thanks!

Greg

[Sean Morrison]

LLCs are the most common for buy-and-holds, though S-Corps can offer a lot of value if you're doing wholesaling or flipping.