LLC

[Lisa Johnson]

Hi everyone, I really need some direction.

Long story short: My investor and I went to his real estate attorney to set up our LLC. He reserved the name and drafted the documents but we did not sign them. Reason: My investor pulled out and decided to buy a building in New Orleans. So, in trying to find out what my options are, I called the attorney and asked him about the process of adding other investors. I also asked him about the process of buying and flipping houses under this LLC. He said every transaction will be a different transaction and that the LLC does not provide for that. He said I would have to create something called "Series" for each transaction in order to cover each property. So, I guess I wanted to ask you exactly what is the value of having an LLC to flip houses? Would it be more prudent for me to draft up a contract for each house and every investor (assuming I have more than one) outlying the parties obligations? I really appreciate your help! Thank you, Lisa