Setting Up Our Business-Legal Strategy

[Todd Sullivan]

Hello All!

My wife and I have been working on a live-in flip for the last 2 years and we are ready to make the plunge into our second home and rent out the current one.

My wife is technically a “stay at home mom”, but she does a ton of work that doesn’t get paid aside from being a mom. She does a lot of research on the houses we look at, communicates with contractors, does mailings and marketing for potential properties, filing and keeping us organized, and other things I can’t think of at the moment.

My question comes down to strategy and being able to utilize her as a buyer when she shows no income. If we form an LLP, can we use her "name" as a buyer for future purchases when we acquire the limit of houses under my name personally? Or will that be a mute point as an LLC/LLP?

I want her to have a true stake in the business. Not where she feels like she’s just helping me out, or is my “assistant”.