Canadian buying US property

[Account Closed]

Hi all,

I am learning so much from this site and I am trying to gather info before starting to look for my first investment (rental) property in the states. I live in Canada (East) and can’t even think of buying an investment property here (single townhouse is roughly 1.3m)

I started to chat with few friends (some live in Texas and some live in Canada) and they liked the idea of forming an entity (probably LP for tax reasons) to buy a small rental property to start with. Since one guy is from Texas, we plan to look for a property in Texas.

So my main questions are:

1. Can Canadian move funds to US (let’s say $50k) without any issues? Simply transferring Canadian personal account to the US personal account? Account holder is the same person.

2. Since this will be a group purchase, should we start with LP/LLC/trust/etc or just sole proprietorship to begin with?

3. Any recommendation the areas that we should avoid in Texas or any recommendations?

Thank you in advance and happy new year!!

John

[Charles Carillo]

@Account Closed

Before you do anything; I would speak to a US accountant and/or an attorney that is experienced in working with Canadian investors (DM me if you need any referrals). This is really the biggest mistake I see with foreign investors; they start setting up corporations, bank accounts etc. before speaking to a CPA and/or attorney in the US.