i would just like to double check if i have this right. you should setup and LLC for properties in which you’re going to flip and an S-Corp for those in which you’ll keep and rent out. do i have that right?
also, does it matter if i were to purchase a piece of property in my name and then transfer it later to the LLC or S-Corp?
thanks
You might want to try the asset protection and legal forum, you will get better responses there. Also, try doing a search.
The LLC is what you want for holding properties. As for the S-Corp it depends on what tax benifits your looking for and the state you live in. I would recommend seeking a CPA for their advice and talk to many. Each person is diferent.
I maintain a LLC and a C-Corp for my properties. But the LLC holds all my properties and my C-Corp is in charge of managing them. So write my expenses off with my C-Corp and drain all my profits from my LLC with management fees. But of course I have a professional doing my taxes, I do not attempt to do it or manage it, I much rather pay a professional for that.