Flipping: LLC to S-Corp

[Sam Craven]

I am setting up a business with a partner. We will have a rehab and flip business as well as some buy and hold properties in the near term. We will group our hold properties in asset sizes that we feel comfortable in an LLC.

I need some guidance on our flipping entities:

I have searched, talked to a few lawyers and a few different investors and the best advice I have received (in my opinion!) so far is to set up an LLC as the main business that is owned by our individual S-Corps. This provides the asset protection of an LLC and the tax savings of the S-Corp.

I want the great people of BP to challenge my thinking and offer some other ideas to explore....Or give support as to that being the best method.