First Flip - any advice appreciated.

[Tyler Hodgson]

Currently have two rental properties, but this deal will be my first flip. Here is my question: 

- Me and a partner are going in on this deal together, all cash purchase. Both contributing cash, both managing the project. Profits split based on capital invested. Not sure if we will do future deals together or if we may add a third partner (he can't make it into this one). Should we establish an LLC or S-Corp at this time? Is it worth the $500 to set that up for just one deal. Any tax implications of property and flip being in just our names? Obviously there is added liability to our personal assets without setting up a separate entity. I understand that, but I am curious to know more about the tax implications.

- How do the numbers look to you? Anything I am missing, or recommendations?

- What is one thing you wish you'd have known/done on your first flip?

Thanks!

[Adam Abdel-Hafez]

Tyler Hodgson not sure what the house looks like, but the scope of work seems low. A total budget of $23k when you are spending $10k on foundation work seems low. What kind of foundations problems are you having? Are you sure it's the foundation and not just framing? I don't see anything for hvac, electrical, plumbing, roof, water heater, etc. what kind of plumbing pipes do you have? Is electrical up to code? How old is the roof, hvac, and water heater? I think you need to get some estimates before you move forward on this.