All Forum Posts by: Cody Lewis

My business partner Jackson (https://www.biggerpockets.com/...) has looked into this with a fishing boat. You could reach out to him to pick his brain. He always loves talking about all things fishing and boating.

From a liability standpoint you are better off having separate LLCs for each property or business. You could have a holding company to simplify the taxes if you would like that.

I’m not sure what type of law the lawyers you spoke to practice, but I would look for either a real estate lawyer or a business contract lawyer.

From the all the people I’ve talked to that work with friends or family they all say the same thing, “get everything in writing”. People tend to over look normal business practices because they know the person and that can come around to bite you. If will also clear up who is responsible for what and when.

Who does the trust default to after the person passed away? That's who will likely have ownership after the estate goes through probate.

I would look for your local and regional REI meetings. You'll find all different types of people in the industry.

@Bridget Smith-Osbourne I'm not 100% sure but I would defer that question to your lawyer. Even if you don't end up going the route of a Trust, the knowledge will be well worth their hourly rate.

Is your estate going to be in some sort of trust? If so, it may not matter where the lawyer is other than ease of being able to meet them. 

You'll find people on both sides of the LLC or no LLC fence. @Greg Scott makes a great point in understanding exactly what you want/need from the LLC to determine if you need one.

Arn Cenedella would be a good person to ask! He moved to Greenville, SC from Silicon Valley and is investing there.

- How to win Friends and Influence People (I read it every January to start my year)
- Rich Dad, Poor Dad
- Getting Things Done
- Wild at Heart