Buying Flips from Wholesalers with a Different LLC Name

[Francis I.]

Hello everyone,

To active flippers out there with one main LLC (S-corp LLC for flipping purposes), how do you deal with properties purchased from wholesalers that are under a different LLC name (usually named after the property address) but you want the property under your main LLC presumably for tax/accounting purposes? I recently purchased a property through wholesale. After closing do you deed the property to your main LLC via a quitclaim deed (this may involve transfer and recordation taxes)? What happens to the empty property LLC afterwards? Any recommendations for best practices would be appreciated.

@Ian Barnes

@Ned Carey  

@Jamal L.