Advice needed on CPA's, and Business Types

[Christopher Hutchings]

Hi Everyone, 

I've spent around 1 year looking into property investing and I've finally managed to get my wife on board. I think most of you will agree that having your partner / spouse commit to supporting is a big thing. 

I'm about to close on my (personal) house refinance and once complete will be getting a Heloc. The plan is to use some of the Heloc for the down payment and  a little more for repairs and admin (Business setup and CPA advice). I believe I have a pretty good strategy for adding more properties but my lack of knowledge lies in the bureaucracy.

Could anyone shed any light on the best way to go? I have a meeting planned next week with a Real Estate Attorney. It's a free of charge consultation and the Attorney has said that he charges a lat rate for his services. 

1) I need to know if it's best to set up as an LLC or keep my investments under my name (in your opinion)?

2) How much would it cost me in Illinois to register as an LLC.

3) I have no clue when it comes what document I will need for tax purposes. What can I expect t pay for a CPA to help manage my books?

I am not one to look for handouts but these are my biggest concerns right now. I think that it's important to know what your fears are, accepting what you can't change and doing something about the things you can change.

Hopefully some kind sole will read this and be able to offer a little advice.

Thanks in advance for any help you can offer.

Chris

Wheeling, IL