Hi, I'm a new investor from Connecticut looking at buying turnkey property in Memphis, TN. I have a few specific questions and would greatly appreciate some advice.
1) Legal - I want to set up an LLC before investing. Should I get a real estate attorney from the Memphis area to set up my LLC? I'm assuming the turnkey doesn't provide attorney. Also, I assume he/she would be able to represent me/review docs. etc. during property closing? Does anyone have the contact info of a good real estate attorney in the Memphis area?
2) Accounting - should I hire a separate accountant for my property investment business from my personal day job tax return? Right now my tax return is relatively simple and I just go to H.R. block. My intuition is telling me that filing a tax return for out of state real estate investment is more involved and I might want a "real pro" filing my tax return. That being said, does anybody have the contact info of a good accountant if that is what I should be looking for?
3) Insurance - When it comes time for insuring my property, would I need to find a local insurer (Tennessee) to insure my property, or can my CT. insurance company (Allstate) also insure my out of state property?
Thank you for your help.
Brian
