Real Estate / Tax attorney recommendations needed (new flipper)

[Rory Parsons]

Hi everyone,

New investor here, taking action and embarking on flip 1 (thanks to Bigger Pockets). I have been fortunate enough to have networked my way onto a small team (4 of us total) of experienced flipper/investors, doing high quality work at excellent margins. I'm fronting the cash for partner 3 and then we split the profit 50/50 (he found the deal, got it under contract, secured HML, will project manage rehab, oversee sale AND brought me in etc. he's crushing it and a genuinely good dude too!). Doing my best to add value while learning as much as possible about the process from A-Z. Numbers look great, hit it off with the team, love the market... excited to get started!

Attention has turned towards strategizing with a real estate/tax attorney to be tax-efficient, maximize profits and enhance overall business and investing game plan. I want to make sure I structure things the right way from the beginning.

Flip 1 is under contract with an LLC the other 3 investors created together previously, that includes several active flip projects they're working on together. I wouldn't be able to become listed as a member on that LLC, as this is the only project I'm partnered on. Should I create my own LLC or S-Corp (active flipping) for this project? Land Trust?

General REI goals: 2-3 flips in 2021', 3-5 flips in 2022' + 1 BRRRR property (potentially out of state), 6+ flips + 2 BRRRR properties in 2023....

It's all moving fast -- being decisive as not to miss out on the opportunity but haven't even opened a business account for REI investing yet. I know you want to avoid co-mingling finances, track business expenses separately etc. so definitely want to move funds over! LONG STORY SHORT -- I really could use the guidance and strategy planning of an experienced RE / tax attorney asap!

Any insight and/or lawyer recommendations very much appreciated.

Thanks in advance