Flipping Business Setup

[Jason Hutcheson]

Hi I am currently on my third flip project and I think I am to the point where I should setup an LLC to operate under. Up until now I have only done my projects under my personal name. Can anyone give any advice or do's and don'ts when setting up an entity to operate a flipping/real estate business?

Also, I have a couple of other properties as well. One STR and one LTR. Each of them I own under my name and not under a business entity. Any advice would be appreciated!

[John McDonald]

@Jason Hutcheson I would suggest moving everything to an LLC ASAP as it help limit your risk exposure. As @Ko Kashiwagi mentioned, its also import to separate your business and personal bank accounts, so once you have your LLC setup, setup a bank account and begin transacting there. 

Create new LLCs for joint ventures using the same process. This keeps the books clean and helps the members avoid unnecessary liability. 

Cheers and good luck. ,