4 Partners looking to flip bank owned properties in Denver

[Corbin Grimes]

Hi all,

New to your forum here; so excited I found you and looking forward to getting to know you all!

We are a group of 4 partners in Denver Colorado looking to work together in a formal capacity. Our partners include Accountant/Bookkeeper, Realtor, Project Manager and Investor.

We are primarily seeking to fix/flip bank owned properties in and around Denver. CO.

We are working through a roles and responsibilities matrix to set expectations and move forward in a clear way as to whom will carry what level of responsibility, who will remain just informed/consulted, etc.

We are currently in the "forming" stage of developing our partnership. 

1.) We are seeking advice on the following:

a.) Best business entity formation type (LLC, S-Copr, C-Corp etc.) for us

b.) Best way.tips tricks to reduce tax liabilities for these partners

c.) Best way to reduce legal liabilities (lawsuits, etc.) 

2.) We welcome any introductions to reputable partners or resources that can be of use for this endeavor.

Hope to speak more you you all soon!

[Wayne Brooks]

You’re not going to have enough profits, split 4 ways, to make use of the small advanatage of SCorp status to reduce self employment taxes.

First and foremost, flipping is a Very competitive endeavor with Everyone wanting to do it....hence, fewer opportunities and slimmer margins.  Focus more on exactly How you’re going to make money....there’s not a lot you can do to reduce the taxes, if you owe any.