buying a house thru LLC then selling LLC

[Andy Lightner]

I'm sure it's been asked NUMEROUS times, but, how easy is it to put a property under contract in an LLC and then wholesale the LLC to an end buyer in a double close?
Looking into this exact approach now. what are the tax implications, if any?

[Monica Breckenridge]

Well it wouldn't be a double closing if you are selling the LLC. What happens is you own the LLC, find your end wholesale buyer, have them join your llc as a manager, write up an agreement that says when they buy the house you get X dollars. After the purchase you sell all your interest in the LLC to your end buyer and collect your fee. There shouldn't be tax consequences, but you will have to claim income on the money you did make on the deal.