Best entity for flipping partners

[Peter Grange]

A friend I have some previous experience working together on flips but never created a real partnership due to my corporate career. I have not retired from the corporate world and am looking to partner full time. I am going to talk to a CPA but was curious to see what others have done. I want to be set up to be taxed as an S corp so I can create a W2 income for myself and save some on taxes. I was thinking we both should have an LLC that are partners inside of another. Does this make any sense? What have you done in a similar situation?