Tax questions with LLC

[James Lau]

I'm about to invest in my first real estate deal. I'll eventually consult with a CPA on tax issues, but thinking ahead about tax issues. I'll invest with my personal funds but will be creating an LLC as a limited partner in the deal.

As income comes to me and when the property gets sold, do I need to keep all of the money and proceeds in this LLC? In other words, I'd like to have the option of keeping the proceeds in the LLC to invest in other properties or to be paid back in full.

If it goes to the LLC and then to me, will I get taxed twice?

Thanks.