newbie from Arlington, WA

[Peter Tang]

Hi,

  My name is Peter Tang and other than buying a house to live in, that's the limit of my experience with rei.  I was full time employed for the last 25 years as an IT person but being recently laid off I've gained access to my 401k investments via a solo 401k and with the recent passing of my father I've inherited a fully paid house in NYC as well as inheritance money...woe is me :-).  So while searching the 'net on setting up a solo 401k as well as information on what to do about the house I came across BP and signed up. 

I read the excellent Ultimate Beginners Guide and becoming a private lender and note investments sound like a path I would like to follow so I've been reading those threads and recommended books on the subject.  I have experience trading the futures markets so I'm well aware of how I react to my "greed" and "fear" emotions.  That said, I'm willing to wait and learn versus being impulsive.  After all, the easiest way to make a million is to start with 2 million. 

My plans for the inherited house is to fix some things in it and then rent it out although I am open to alternative strategies. I have 2 siblings that share in the inheritance so I'm looking for suggestions on what type of entity (LLC or S/C corp) to hold the house and monies. I'm looking for liability protection as well as tax advantages.

On the private lending end I intend to start small and work with a mortgage broker (looking for one).  I'm also looking for a r/e lawyer and CPA.  I welcome any and all suggestions and advice.  I'm just starting here and want to learn.  Thanks!