Setting up a LLC, first purchase. Newbie questions.

[Nathan Astrup]

Hello BP,
Im a brand new RE agent in cleveland and Im planning to make my first investment in the summer.

Im looking in mayfield and lyndhurst for duplexes that I will live in temporarily and save for the next purchase. My father in-law is going to put money up for the down payment and wants to partner up for future investments.

What would be the best set up in terms of financing? I was thinking possibly an LLC. Or would it be better to just have a sole owner.

[Account Closed]

In all probability you won't be able to get financing for your new LLC. Doesn't mean you shouldn't have an LLC necessarily. My advice would be to wait for a while, see how it goes. Your concerns right now should be in educating yourself in your market and in your preferred areas of activity. There'll be plenty of time to form an LLC later.