Posted by Handy(MN) on May 17, 2008 at 15:42:22:
I have several LLCs, and use one for rentals (1+ years), a second for L-O (1-2 year holds) another for short-term flips. If you mix your flips with your holds, you run the risk that all your profits may be classed (or worse yet, RE-classed) as ordinary income if you get audited. It’s more work, but seems to be working for me.
S-Corp, C-Corp, or LLC??? - Posted by Evonne
Posted by Evonne on May 09, 2008 at 19:47:54:
Hey ALL!!!
Hope everyone is being blessed!
I just had a question.
I have been doing subject-to’s, lease-option’s, wholesaling, flipping, lease and sub-leasing, etc, etc… and I believe it’s time for me to start looking into incorporating a business into an S-Corp, C-Corp, or LLC. I have tried searching online however, could not really find anything specific to real estate!
I know most people on here are not lawyers and accountants and all I am looking for a some advise and opinions.
What do you think would be the best corporate structure for me since I pretty much do all types of methods short-term and long-term investing strategies. I just want ONE(1) corporate entity, if at all possible.
Any opinions? What would the benefits be Tax wise and Legal wise?