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Updated almost 9 years ago on . Most recent reply

User Stats

7
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4
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Kristen Moore
  • Cecilton, MD
4
Votes |
7
Posts

LLC's and licensing

Kristen Moore
  • Cecilton, MD
Posted

I am new to real estate investing but am very excited about getting started. I plan to work mainly with 2 other people on deals, but I will also possibly be doing some deals separately, so I wanted to get advice about setting up an LLC vs multiple LLC's (one with the 3 of us listed and one with just me listed). Would you recommend us each having our own LLC to make taxes and everything less complicated, or can you only assign a property to a single LLC? If two of us are going to split the profits close to 50/50 and then give a small percentage to the 3rd partner, any recommendations on how to set things up?

Also, I live in Maryland and glanced over some information about licensing but didn't see anywhere that I would have to have a separate license for rehabbing or owning rental properties.  Does anyone know the specifics regarding to Maryland?  I am planning to rehab in both Maryland and Delaware.  

Any suggestions would be greatly appreciated! Thanks!

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