Protecting Assets & Taxes
Hi BP,
A little back story on my situation. My friends aunt passed and her family is now going through probate. They will everntually have to sell the home. they offered me the home for 500k and on market would be about 620k today. I dont have cash so i will have to use a lender. this will be my first property. My goal is to turn the house around and sell it as is right away. My questions are:
Should i purchase the home through an LLC?
if i sell and purchase again can i use 1031 tax deferred through LLC?
What kind of loan should i use? FHA?
Can i purchase "for sale by owner"?
This is in California.