All Forum Posts by: Dolores Gonzalez

Hello BP, I have a question about LLC partnerships and tax ramifications. I want to create an LLC to hold title to a house we have under contract. We intend to flip the house. My husband and I both have w2 jobs and so, we should avoid being taxed for self employment on any gains. But we are partnering with my brother and wife on the project. My brother doesn't work but his wife does. I understand that if you set up an LLC and one partner is considered a dealer "self employed", then the entire LLC has to be taxed as self employed. Is this correct? Will this be avoided if both my brother and his wife are included in the llc since she has a w2 job?

Thank you both for the great advice and insight. This gives me a better idea of where and where not to focus my energy!

Hello Bigger Pockets Community,

I am a newer investor looking for a discounted property to rehab and rent out. I will often drive passed a home that will be boarded or otherwise show signs of vacancy, but they are not listed online or MLS. I know from checking county records that these properties are in some process of foreclosure. Is there someone that I should try to contact (the bank, property owner) in order to be one of the first to know when the property could be available for purchase? Where do I start? Or do I just continue to check listings and wait for the property to show up?