Buy to Flip SFR and selling to son/daughter

[Terry Gillis]

I am ready to make offer on my first Flip in PA, and my son is interested in exact same property for he and his wife. It is a foreclosure. I am willing to pay cash, he will do conventional mortgage. House needs about $30k rehab. I am willing to take on the work, my son would have to pay me or someone to do the work. Is it best I buy it and then sell to my son once flipped or should he just buy it and pay me to do the remodeling work? Is there an alternative creative way to avoid double selling with me doing the initial buy under my LLC/LP? I am willing to take on the risks of the repairs. He is less likely to assume the unknown risks.

[Thomas S.]

If your son is the end owner why are you bothering with the complication of having your name involved at all. Just have your son and his wife buy the place. After that he can do whatever he wants. You could work together with him, he could hire you, or he can hire a contractor.

If he wants the house let him have it and you move on to another.