I need some advice on what type of entity to form here in TX. I have a couple of houses with tenant buyers. I don’t have any straight rentals yet. I also do some flips, wholesale and assignments. I am getting different advice on what type of entities to form. An attorney that advertises with our local REIA recommends a Limited Partnership with an LLC for my Lease Options and Rentals. However, my CPA recommends a Limited Partnership with a CORP. They both recommend a CORP for my flips and wholesale houses. Please Help, any advice is appreciated.
When you get your proper entity structured by your attorney I would look to put your properties into land trusts for asset protection of your real estate.
Combing the corporate entity and the land trust entity will provide you high end asset protection.
I am not an attorney and cannot give legal advice but these are just my suggestions
YOu can use them for flipping so in your case use the C-corp with a land trust setup.
For longer holds then a LLC or LP would proably be better combined with the land trust.
Basically your corporate entitly would simply be a beneficiary in the land trust for each of your properties.
I can assist you with the land trust side of things.
It is better to vest title to a trustee in a land trust than to your own corporation which ever that may be since the land trust avoids the lenders due on sale clause legally, ethically and safely.
If I can help further my info is in my posting file.