I am assuming I need to find CPA for some guidance on if and how I need to form an LLC... but do I contact someone here or in Michigan, or does it even matter?

A CPA just detailed an example for me of how people may sell their house for a loss, yet still owe taxes on the sale as well.

. :)Calling our resident CPA, Charles...

Check with a CPA experienced in real estate.

My mortgage broker, CPA, transfer title agency all told me that this is the way people did this and it wasn't a big deal.I just have a couple of questions.

He's basically telling me once the account is active, I can do whatever I wish with it as long as I stick to the rules and my CPA can account it all.

You need an investment analyst, at a managerial level, not just a stock broker, a CPA and a securities attorney, IMO.Lastly, I can tell you from experience that investors absolutely will not show everything to a broker, they may show enough to "qualify" and seeing interest income on a tax return doesn't specify the source, some investor could have other loans held or REITs that could tilt the scales in areas of concentrations of assets that a broker may never pick up, so if you hink you can, you can't.

., I can't remember the particulars; but, 12 members put in close to a million dollars.The "paperwork" on the LLC was completed by a "member" attorney/CPA.

I myself am a CPA and have my realestate lisc. in Virginia.

I'll be honest I forget what the tax implication of it was and why our CPA had us doing that (We since dissolved that company in 2011 via our planned exit strategy. woo woo)@Steve Hamilton II can probably tell me why :)As for hourly earnings, I didn't quite mean I had calcualted an exact number in my head, again, that was probably the drugs slurring my clarity :D I know what I make per month, I know roughly what 'potential' contracts are on my table and therefore have a rough idea of the 'value' of my time, which I agree with Terry P. is good to know - if nothing else than as a measuring stick of how things are progressing and if there's need for change in strategy or if I am growing at my expected rate of returns.So there we have it, a series of slightly different ways to look at things.I was just saying that the actual value of my time is kept off the books.