All Forum Posts by: Barret Davidson

@Tenzapa Wakombe  I will definitely look into 1031 to see if that will work and make all the requirements! I'm guessing you have to have the other property practically already under contract to make the 45 days?

@William Whitley awesome! Great advice, yeah I'm thinking a 50/50 partnership llc and then yes keep that separated from his contracting so we can pay him like any contractor. Good call on talking with both to to make an informed decision, I won't be able to get a cpa right now, but if I wait two weeks they will all be free haha

Hello all, first post here! I live in McKinney Texas and have been looking into real estate investing for awhile. My business has recently taken off but DFW is a hard place to start. My brother is a contractor in Chattanooga Tn and we are looking into flipping and renting houses there. The barrier to entry there is so low and my brother being there with his own contracting businesses is a big help. So I need all the advice! 
we are thinking of being partners, splitting the down payment, paying him to flip or renovate (he will get payed but also will do it slightly cheaper than market value). Should I get an LLC with us as partners? We are considering a flip first and then putting that cash into 1031 for more flips or some rentals.
any advice on out of state, partners, getting started, 1031, Tennessee taxes would be very helpful, thank you all and I'm looking forward to start my journey! 
Also my brother has experience in contracting but not actually owning the real estate.