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Updated about 6 years ago on .
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New Investor in San Antonio
Hey everyone! I am new to Real Estate Investing and BP. I recently formed a LLC with my brother and my dad (who has been in the game for years) and we will be closing on our first home this week! I have many questions but two that I would really like info on are:
1) The previous owner turned their storage into a 1 bedroom 1 bath, we plan to rent it out also, is there anything we must do prior?
2) I have read many of the posts on BP but i am still a bit confused on taxes. When i applied for the EIN online, it classified us as a partnership since we are a multi-member LLC. We do plan to hold the homes we purchase. Would you recommend to file to the form 2553 to elect to S corp status?
Thanks!
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