Forming an LLC

[Puran Patel]

Hi! I recently closed on my first investment rental property and I already found a tenant. I want to form an LLC for my investment rental property rand have already did some research. Just wanted your advise on what you guys suggest and how you guys did it. What is the best way to form an LLC. Please suggest any websites or other info that you have used to form your LLC.

Thanks you.

Puran.

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[Jim Bowser]

I do not believe that forming an LLC is that difficult regardless of your state. Often you can download the forms from your state's website. Also the forms are sold commercially online as well. Or you can have an attorney form the entity. But what I have learned so far by following the BP forums and blogs, as well as reading the book by CPA Amanda Han, is that an LLC is not the perfect entity for everyone or every situation. I am firmly convinced that is a good idea to sit down with your own CPA, preferably one that is very familiar with advising real estate investors, and map out a proper strategy for your entities. It is my understanding that strategies for buy-and-hold may be different than those if you are wholesaling or flipping. At least that is my understanding from my reading so far.