Flipping with an LLC

[Garrett Rockholt]

Hello Bigger Pockets! My Name is Garrett Rockholt. I am an aspiring real eatate investor based out of Amarillo Texas. I have a question with regards to flipping within an LLC to get started. Here is where I am at. Ive been educating myself over the past few years on real estate investing. The end goal is to create passive income with buy and hold real estate. A close friend of mine approached me today and asked me to partner with him and start an LLC to invest together. After an in depth discussion, I agreed and decided it would be the best way to move foreward. We decided to make a plan with the first course of action being flipping a few houses to pay off a little debt and stack some cash for our buy and hold real estate in the future. So my question is this, what is the appropriate course of action for these goals? Can you buy and flip in an LLC or is that mainly for holding your assets? We will be using a hard money lender to finance the flips. The quick cash up front is needed to pay off some personal debt on both sides and build some money in the LLC to work with. We are green. No experience in the game whatsoever. I really appreciate any input and will use it to use foreward in most efficient way!