very first REAL deal NEED SERIOUS HELP!!!

Ok I am as new to this as it comes. I have read a lot on this website and feel confident enough to get started. I found a house in florida and the seller is asking 130k for it. it is appraised at 235k. It is a sfh that has a tenant occupied. Here is my plan…I want to put the house under contract for the 130K with my LLC as the buyer (can I do this?) I have someone that wants to buy it for $176,250. That leaves a nice chunk of money I get. Here is my question, first what are the tax laws in regards to the money i recieve? 2nd can i do this under my LLC and avoide personal taxes on that money? 3rd lets say that I buy this house personally for the 130k and the seller agrees to give me cash back at closing, how do I get that cash at closing? is it from the title company or do I have to trust the seller to give it to me? Please help guys, I want to quit my job and I think i can do it if i make a nice profit on this deal lol. thanks

First off… Just pay the taxes. If you make $40k+ on it you’ll just roll it into your income for the year and pay whatever rate your taxed at.
I saw 6 people I know screw themselves out of $100K profits on pre-construction condos in Florida because they held these things for a year waiting to do an exchange. End result… The market for Florida condos one year later SUCKED, now they all own negative cash flow RENTALS!!! Just pay the TAXES.

Now for this deal… Forget the LLC, just straight option this thing. have your lawyer draw up a 60 day straight option, pay the seller $500 for it at the 130K. Your buyer comes in drops off a deposit check at your lawyers, signs a P&S agreement and a option assignment, the seller then stops by and signs the P&S. You collect your check at the closing for the difference (in this case $46,250) and your done.

Back to the taxes… If I told you there was $46,250 under a rock somewhere in Florida would you NOT pick it up because you had to pay me (IRS) $10,000 for telling you where it was? It’s a mind game, pay your taxes, sleep at night, and
DO NOT QUIT YOUR JOB! (I know you were joking)

The other option is to buy it with a self-directed IRA (Assuming you have one sitting around with that kind of balance). You can defer the taxes until you pull it out or forever if it’s a ROTH.

So, pay taxes now or later, either way it’s just part of the business.