Four Man Real Estate Investing LLC??

[Gabriel Lopez]

Hi,

Does anyone here have any experience forming an LLC so that a group of people (2+) can share the profits/liabilities on purchasing real estate?? If so, what general advice would you have wanted from the get go?? (Assume no personality conflicts will arise. We're well aware of that possibility, but feel we've known each other long enough and are close enough that no character issues will interfere with our goals.). Thanks in advance.

All the best,

Gabriel Lopez

[David J.]

You just need to file for a Texas LLC and draft an Operating Agreement for the LLC. After that you grab a taxpayer identification number from the IRS and set up a bank account. After that you deposit money to the bank and buy stuff. At the end of the year you file a tax return for the LLC and each member gets a K-1 to file with their personal returns.

Message me if you have any questions.