All Forum Posts by: Dillon Scott

Hi @Matt Dingus, I am also interested. Is there an online option for out-of-staters? Thanks!

Thank you all for your replies! I figured it was a little premature to incorporate, and this info definitely helps.

Hi, I'm a new member in the NYC area looking to gain insight on how to structure my first purchase with a friend/investor.

I've heard the pros and cons for LLC's, being that they provide limited liability and pass-through taxation, but when owned by multiple parties still has to file a tax return and will often get much higher mortgage rates if any lenders will even lend to them. Not to mention the fees to incorporate, file, and maintain. Would co-signing the mortgage and getting an umbrella insurance policy, and simply having a real estate attorney write up an enforceable contract be better? Or would we lose out on tax savings if we structure this way? Are LLP's and S-Corps not even worth looking further into? Is there another method we've overlooked? Like each of us incorporating separately and creating a Joint Venture on a property? We want to go in 50/50 on an out-of-state property that is TBD for our first investment (probably not our last together), but haven't been able to find quality information on all the intricacies for every different option. Any help, advice, or suggested reading is welcome. Thanks in advance!