C Corp. LLC, LLLP

[Sadio C.]

Hello,

I am strongly committed to buy my first investing property by end of May in Philadelphia area.

I would like to know what should be my very very first step. Should open an C Corp, LLC, LLLP, etc.? Before I make any offer?

I would also like to know what would be the best type of company for me if my goal is just to BRRRR?

Thanks

[Brandon Hall]

@Sadio C. Unless you have substantial assets to protect ($1MM+) then I usually suggest not to form an entity and instead consider getting solid insurance. The insurance will be cheaper and easier to set up if everything is in your own name.

If you are risk averse and insistent on forming an entity, you will want to look at forming a LLC for a buy and hold strategy. LLCs are flexible for the owners and easy to manage.