If there is another member of the LLC, then the LLC isn't passed through to you.DISCLAIMER: Neither an attorney or a CPA, just speaking from my own interactions here.The LLC is flexible in that you can pass through the income to your personal returns similar to a S-Corp, or you can elect to file it as a company separately.

The LLC has tax benefits over a C Corp.As for where to form, you might want to check with your CPA or attorney, but I think forming in IN where it's less expensive and quicker would be a better idea.

Should I go find a CPA or real estate attorney?

Also, if anyone in Metro Detroit, or even better SE Oakland county knows of any good real estate CPA, a name or number would be greatly appreciated.

Hi, we're looking for a reliable CPA in the Anchorage area that specializes in real estate investment.

Build an income statement:$1875 + $7502 = $9377 PGI ($3/sf + NNN reimbursable expenses)-$2344 v&c (3 months, higher because of oversupply)=$7032 EGI$7502 NNN reimbursable expenses (CAM, tax, insurance)EGI less nonreimbursable:-$703 r&r (10% of EGI, probably high for this unit)-$1000 professional fees (CPA, attorney)=$5330 EBITDA-$1113 Mortgage=$4215 NOI11% Cap (+100 basis points for increased risk of interior unit), value = $38,330If it could rent, I think it'd be good

Hey Everyone. I am new to BP. So far I love the content,pod casts and most important, everyone that is giving great advice to the newbie investor. I am in the process of building a solid team. Working now to find...

(Attorney/CPA)3.

@Liz PinedaMost of the BP members will recommend you seek a CPA for the best professional answer.For my flips, lease options, etc, I was recommended to be taxed as an S-Corp.You really need to find out if you need more than one entity (active and passive) and then allow a CPA to make the recommendation on how it should be taxed.

Measurably cheaper, easier to use, can import what you need, reporting is pretty decent, and our CPA can use it no prob.