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Updated over 15 years ago,
Taxes, forms, paperwork
I am reading Lonnie's books and am very excited to get started with deals. A few questions:
Should I set up a separate LLC for mobile home investing/financing? I already have one for the SFH that we rent out.
The Scruggs books do not mention tax implications. Will there be sales tax every time these things are sold? Does the DMV collect the tax? How do I report the interest received from my notes? Any pertinent tax books you can recommend?
I have several sources of landlording forms online and in books: Pay Rent or Quit, Key Deposit forms, etc., are there some sources of MH investment forms?
Do you go to the DMV each time you sell a MH and do the title work? Does the buyer go along?
And finally (for now!), when you create a note, does it have to be recorded with the county, or is it private?
Thanks for any tips you can give!
Becky