Updated over 12 years ago on .
Most recent reply
presented by
Family Money
We currently have some family money my wife's grandmother and we plan to use her money and buy a house to either rent or flip. All loans would be under our names that would not be covered by the cash.
For tax purposes and legal what is the best way to use this money? If the house is 140K and we have 100K in cash to use, will this work to buy the house with using 25% down and getting a loan for the remainder? Will we have to pay in all cash to avoid taxes, etc on the house? Is a LLC the best way to go and have it set up as a loan? Any and all help would be great. Thank you.