I Need Help
Hi, I am at the moment trying to get into purchasing residential properties and either fixing and selling them or putting it up for rent. However, I am a little in the dark as to the technical aspect of this business. I am currently using my name to purchase the house, but I dont want to use my name for future properties, can anyone please give me some information that can help me start in the right path. Also what are the implications for putting properties in ones name, as oppose to putting it under a corporation, i.e taxes and all that. All the suggestions and input will be greatly appreciated :-?
(sorry I posted twice ) :-?
Which area are you working in? Different states have different tax laws. But you should at least consider hiding your identity with a Land Trust or something. Also, if you have partners, you might consider forming an LLC.
Hope this helps.