WY LLC and Real Estate

[Tarsha Black]

Hello everyone,

I have a few questions:

1. With a WY LLC could you engage in the following real estate areas wholesaling, lending for commercial and/or residential business opportunities, short-term and long-term rentals?

2. Second question what would be the taxes structure and would the IRS label the LLC owner(s) a Dealers Status?

3. What exactly is a Dealers Staus with the IRS? 

4. What could be done to avoid any negative penalties from the IRS? 

5. Should the LLC be changed into a C-Corp and what is that process?