LLC question

[Courtney Jones]

I Am looking to invest in property that will not be my primary home. I know an LLC is the safe way to go. My question is, should an Attorney be sought to create the LLC?. I saw an Attorney and if I move forward the cost is about 5,000. I have other people who said there is no need and that I should be able to do it myself for about 1,000.00

Thoughts?  Advise? Opinions?

Thank you

C.J

[Brian Ballard]

Sorry, did not include this as well. You didn't say what type of real estate you wanted to do.

An LLC should be used as a buy and hold.

An LLC with an "S corp" election should be used for wholesaling and rehabbing homes.
"S corp" election from an LLC is a LOT less paperwork... literally only adds one paper to your normal LLC that get sent to the IRS.

Contact a CPA for specifics and advice. Most states don't require a lawyer for any of this... Just some one with google and an intuitive mind ;)

Best of luck, 

Brian.