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Updated about 8 years ago,
Question regarding Tax, loans , and foreclsures
Hi all,
I am looking to get into real estate investing with 2 other people whoI have known for almost 10 years. 1 of them is an architect and the other is a handy man.
I have a few question in regards to starting:
1. Since there is 3 people do we need an LLC ?
2. If we do an LLC is it possible to still use an FHA loan, if needed?
3. What are other ways to get money to start owning homes?
3. If there I do get an LLC, when I sell the property could I still shelter my gain of 250,000 or is the only shelter a like-kind exchange?
4. Does anyone on here experience doing business with a team like that and splitting profits 3 ways?
5. foreclosure question:
a. What are the requirements of doing foreclosure in new york ( new york city , Westchester county)?
b. how do you find your properties?
c. How do you do a title search of the foreclosed property for any liens?
D. How do you search for houses with tax lien and essentially invest in the lien that if it forclose you can have the opportunity to own the house ?(what is this technique called)