Seeking advice on how to hold ownership of a flip property.

[Isaac Peters]

Hello BP community! I am under contract to purchase a single family home that I intend to flip. I am looking for advice on how to hold ownership of this property.

I run a contracting business which I own and operate under an LLC. I also own three duplexes with my wife that we operate as long term rentals under our personal names.

Would it be beneficial to establish another LLC specifically for flipping purposes? I expect to do more flips in the future, hopefully this is not a one time deal.

Or I could purchase this under my existing single member LLC for simplicity. I'd like to hear what the downsides of this may be that I haven't considered.

I've gotten conflicting advice from the lawyer who helped me with setting up my LLC and my CPA about what makes the most sense for my situation. I'm hoping some of you out there will be able to help me out with what has worked well (or what has not worked well!) for you in the past.

Thanks in advance for any insights you con provide!