LLC now or after first flip?

[Mo S.]

I'm currently looking for my first flip and have received conflicting advice from some of the local investors I've spoken to. Some say it is better to get your feet wet and go through the first flip from start to finish before setting up an LLC while others say to set it up beforehand.

I will personally be investing $75K into the venture and my father is willing to invest an additional $100K in exchange for 30% of the profits.

I think we'd be better off getting the LLC taken care of before purchasing our first property in order to protect our personal assets, but others have said it isn't a big deal if we have insurance and use contracts to properly protect ourselves with contractors, etc.

I'd really like to hear the opinions of experienced BP members and I would appreciate any advice!