The cart before the horse....

[Ricky Grierson]

   Now we have all heard the saying "the cart before the horse."  It reminds me of something my parents would say when they know i'm about to make a bad purchase as a young adult.  Everybody has to learn a few lessons the hard way right????

   So how does this pertain to my real estate questions?  Let me first explain about a situation I was fortunate enough to be put in.  A friend and coworker is the executive to an estate after the passing of his father.  It contains two houses directly beside each other.  YES!  A motivated seller that is not on the market!  A dream come true right?  Both I would consider fixer uppers but looking at the comps in that area, he should be leaving my plenty of room to fix both and turn around and put on the market(I have not analysed the property yet).  I am not really nervous when it comes to looking at the house and determining what needs to be replaced in order to sell.  I have done zero deals so far with the exception of my live in flip.  Here are my questions...

-  I would like to make my first deal and already have a cash private investor.  Would it be wise to make a move on these houses to flip with no actual bussiness and protection established?

-   I am also considering wholesaling the homes because they are more than an hour traveling distance.  Would it be wise to find a motivated buyer and ask them to let you be a part of their flip to learn what they do?  Basically bringing a deal to the table.

- I am in the process of establishing an LLC and talking with a local real estate lawyer. What questions should I have to bring him on the first meeting?

Also, If you happen to be from Southern Maryland, would love to link up.  Thanks for your time!

Ricky