Intro and a question
My name is Mike, I have a little experience with RE, not much though. I did get my RE license in 2007 right before the 2nd Great Depression and I almost starved to death. I've owned a few homes, my last house I bought as a foreclosure in 2012, sold in 2022 and we did really well on that. We used a large portion of the money there to buy 41 acres and put a large down payment on the construction of our current home. So, we have a lot of equity in our home and the plan is to buy a foreclosure to fix and flip. Pay off the HELOC after the sell and use the profit to put a down payment on another foreclosure that will be a long-term rental. We will then access the HELOC again to do another flip and just keep repeating the process using the profits from the flips to put down payments on rentals.
We understand that the flips should be done in an S Corp LLC and the rentals should be held in a "regular" LLC. So the question is, what is the easiest or most logical way to go about purchasing the rentals that will be held in an LLC?
I appreciate everyone's time and welcome any information or advice. Thank you.