Setting up entities for flipping to get money for rental property

[Mark Davis]

hello!

My brother and are partnering to do some flips in order to finance some rentals

He has been renovating other people's homes for 20 plus years

And watching them sell them

We decided to do some for our selves

While we live in SE PA, we do have a property in Lexington Kentucky that we are currently renting as a vacation home It is a SFH with 2 units. A 3 bedroom and a 2 bedroom. Each with full kitchens. While we are in the black on that. We are looking to move the larger one to a full time rental.

We are looking for advise on the business side of things

There are 2 things we want to get right ( well, more than 2. But 2 off the bat)

First - How to properly set up the business entities. We recently attended a FB 3 day. One of the things they suggested was a fairly complicated ( to me at least) structure with each of us set up as an S-Corp with monies flowing thru a single LLC and that getting money from a trust.

Any one set up anything like this?

I will post the second on a separate thread

Have a Grand Day!!

Mark and Marty

Avra