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Updated over 8 years ago,

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1
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0
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Adam P.
  • Connecticut
0
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1
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CT Resident investing in a 1st flip in FLA

Adam P.
  • Connecticut
Posted

Hello! I am looking for advice on investing in my first flip out-of-state.  I am investing with a family member, who lives in FLA, in an all cash deal for a condo. The reno will take 60 days.  My question is how I set it up/structure it so i can take appropriate right-offs.  If this one works, we plan on doing several others per year.  Below other the options i think are available to me: 

a) Just cut him a personal check? If so, can I still book right-offs/expenses against it like travel, phone, etc?

b) Form a CT LLC (s-corp?) to do it? if so, do I still have to register in FLA

c) Form a FLA LLC (s-corp?) to do it? if so, do I still have to register in CT

d) is there another better way?

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