Rental Property Investor · Dayton, OH · Member since 2016 · 210 posts · 160 votes
I Am looking to invest in property that will not be my primary home. I know an LLC is the safe way to go. My question is, should an Attorney be sought to create the LLC?. I saw an Attorney and if I move forward the cost is about 5,000. I have other people who said there is no need and that I should be able to do it myself for about 1,000.00
Wholesaler · Prescott, AZ · Member since 2016 · 15 posts · 11 votes
10y
Sorry, did not include this as well. You didn't say what type of real estate you wanted to do.
An LLC should be used as a buy and hold.
An LLC with an "S corp" election should be used for wholesaling and rehabbing homes. "S corp" election from an LLC is a LOT less paperwork... literally only adds one paper to your normal LLC that get sent to the IRS.
Contact a CPA for specifics and advice. Most states don't require a lawyer for any of this... Just some one with google and an intuitive mind ;)
Investor · Panama City, FL · Member since 2015 · 378 posts · 183 votes
10y
@Courtney Jones sorry miss read your post did not see the "not" primary, defiantly put in an LLC, you can easily do a single member LLC yourself and you can actually treat a single member LLC as a "direguarded entity" for federal tax purposes meaning you can file it on your schedule e on your personal return.