Hello. I live in Arizona. My son wants to partner with me for investing in RE. Is an LLC necessary?
Hello, not generally. If you are financing the properties some lender does require this. LLC its a way to protect you and your investment. Say you are personally liable and get sued they can go after your investment property and vice-versa.
@Guifre Mora. Thanks for the info. We want to start with fix and flips. Here in AZ if you are married your spouse needs to be on title unless they sign off the deal which to me makes unnecessary paperwork but that's the rule.
The reason for question is maybe there's another way besides an LLC
@Guifre Mora. Thanks for the info. We want to start with fix and flips. Here in AZ if you are married your spouse needs to be on title unless they sign off the deal which to me makes unnecessary paperwork but that's the rule.
The reason for question is maybe there's another way besides an LLC
I know I'm in the same boat I invest on the east coast and do the same because of where I live. You don't need an LLC to start I think lots of us start without one and later incorporate it as we grow our investment portfolio.