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Updated about 3 years ago,
How to Structure Flipping/Wholesaling Business?
Over the last 3 years, I've done a number of flips and wholesales almost exclusively through partnerships. It's been a mix of me being the boots on the ground and me being the money/experience. So far I've been in two LLCs and three general partnerships.
I like doing these partnerships because they've allowed me to grow into a more passive partner. I've also been able to do more projects than I otherwise would have. But now I'm dealing with multiple tax returns every year, and I'd really like to simplify.
So... Hoping for guidance from other flippers. If I'm partnering with multiple individuals, what is the best option to keep things as simple as possible for my business? Is there a way to maybe form a single-member LLC that allows me to do projects with separate individuals without needing a new partnership agreement or LLC for each one?
Any help is much appreciated