What is the process for a foreigner to flip properties in the US?
Hope you could answer this question. Someone reached out to me today and said he has a friend who lives in Mexico, who's planning on selling on selling a couple of his properties and wants to invest in south Florida. He wants to know the process of using his cash in the US and what are his tax implications if he's looking to flip properties. From what I've read online, it seems like he needs to open an LLC and then needs an executed purchase contract to open a US bank account. Does that sound right to you? Would he just be charged a 15% capital gains tax when he sells or is he charged more not being a resident?
IF anyone can break down the steps for a non-resident to invest in the US, I would greatly appreciate it. Thank you