All Forum Posts by: Pat Bruton

I have one rental property that I have owned (actively involved) for 5 years and I am buying my second next month.  I have several meetings per month with my wife (business partner) about the properties as well as contractors, investors (potential partners for future properties).  I was under the impression that I could deduct these meals expenses (50% limit) but now am questioning that since I am not seeing a place for it on TurboTax under rental property.  Anyone have any insight on this?  Thanks BP!

James Miller can you message me? I am wanting to know if an LLC is the right way to go for having a formal structure for a property with more than one investor of different contributions. I.e. I am the manager and on the mortgage, several others contribute funds to furnish my corporate type short-term rental and provide leads for tenants. I plan to pay them a percentage of the gross proceeds and want to make it formal, establish credibility, and protection.

I am buying a house in a month and a half and am going to rent it out after about 6-9months of living in it. I plan on forming an LLC for the rental but want to know if it is necessary to transfer title to the LLC or if there is another way to get the same liability protection? I heard of possibly renting it to the LLC and then the LLC subleases the property, is this a valid strategy? Any other recommendations? Cheers, Patrick

Thanks a lot Jeff! I will start investigating starting an LLC, it will be in TX, I heard they are pretty business/landlord friendly.

I am converting a personal residence into a rental and am wondering what would be the benefit of starting an LLC compared to an LLP? The partner would be my wife. I am thinking of possibly the benefits of an LLP being that we can write off meals and entertainment for when we go out to eat and discuss the property and some asset protection being that there is two owners. Thoughts? Am I way off on this? Also, do I need to transfer title into the LLP/LLC or can I just use the entity to manage the rental transactions and still get the personal liability protection? Overall I am mainly interested in the best option for tax purposes and personal protection.

Thanks BP!

I am moving from Mississippi to San Antonio in the summer and want to buy an investment property near Randolph AFB before I get there if possible. Should I use a agent? Pros/cons? I plan on visiting maybe once before the late summer when I move there. Thanks -Patrick BP & Investing newbie

How do I find a REIA?

got the profile pic figured out. 

Hey everyone, I am an Air Force pilot who loves real estate and is ready to start in the wholesaling and possibly some fix and flipping. Hoping to find someone local to help them with a few deals so we can both benefit. Finance and Aerospace degrees. I have a rental in TX that I have had the same renter in for four years. Any investor in Tuscaloosa please contact me so we can collaborate, looking to find a local REI meeting.

Thanks for reading. 

PS - I can't get my profile picture to upload, am I missing where the file upload button is on the app?

Cheers,

Patrick