I’ve spent an hour reading the messages on this board, as well as all of the suggested URLs that were posted, and I still can’t make a decision.
There are 5 of us that have some land under contract for purchase in AZ. We setup an LLC in Delaware last week and paid the fee. Now we are in the process of obtaining our EIN, but don’t know whether to elect to be taxed as a partnership (the default for a multi-member LLC) or an S-Corp. It seems that everything is pointing toward the former, but I’m now so confused.
We plan on holding the property for 12 - 24 months, and then doing 1031 exchanges. At this point, there are no plans to withdrawl any profits or pay any salaries.
Please help! Thanks