What's the best route in creating an LLC for flipping? Is there recommendations from anyone? Am I allowed to ask for recommendations on where to create an LLC? are all LLC's created equal?
Making an LLC is fairly easy depending on the state. You choose the name and pay the SCC a fee for establishing the LLC. In most states, you have to make sure that the name has not already been taken by someone in the state itself. It can be a name in another state, just not the one you reside in. Sometimes, you have be creative if you are going with something common that has "real estate" or "property" in the name.
@Clay Couvillon depends on how you want to scale, If you want to add members, raise $$ etc. Can be simple or very complex but we’d need those to start.
LLCs are created for legal protection and for tax benefits. For tax benefits you should wait until your business takes off. You don't want to hear this, but 95% of first-time flippers lose money, so I would not worry about tax benefits of LLCs just yet. Make money first.
As far as legal protection, it's an attorney's area, and I'm not one. LLCs are not created equal.
All LLC's are not created equally.
Some LLC's are single member LLC's and are considered disregarded entities
Some LLC's are multiple member LLC's and are taxed as partnerships.
Some LLC's(Single member or multi member) also have the option to be taxed as a corportion(C-Corp or S-Corp)
Regarding where to create it, you likely want to create it in the state where you will be doing business(state where the property is located).
You can create an LLC by yourself, with the help of a DYI website or via a professional(Attorney).
You may also want to consider getting an operating agreement when establishing the LLC.