Corporate Structure / Asset Protection - 1st Flip

[Kyle Steiner]

Hi Everyone!  Hopefully there is a CPA among you for this question.

I put my first offer in on a property that I intend to flip. I've read in these forums that it makes the most sense to set up an S-Corp for the purpose of flipping homes. I intend this property to be the first of several flips to be done in the future. My question for you all, is, if I get this property under contract and close under my name, can I quit-claim it to an S-Corp and get all the same tax benefits and asset protection as I would if I had purchased it in the S-Corp's name to begin with? Also, does it make sense to have a separate LLC for each property I flip or does it make more sense to just buy properties under the S-Corp and leave it in the S-Corp's name?

Thanks for any help you can provide!

[Logan Allec]

Kyle Steiner No, you cannot. The deal is done at this point.

I'm not an attorney so cannot speak to whether it would be advisable for you to set up an entity for each property you flip, but from a tax perspective, generally, one should not do this.