All Forum Posts by: Nick Knoblach

@Katie Balatbat

Thank you for the reply, this all seems to align with the research I've done online so far. 

Do you know if an out of state LLC applies for a foreign qualification to do business in CA, do they need to pay the $800 annual fee to CA each year? Or would the LLC only need to pay the MN fees going forward?

Hello BP,

Myself and two others are investing in a new construction in Joshua Tree, CA that we will be using as a STR. Two of us live in Minnesota and the third partner lives there in California. I have a couple questions in regards to setting up the proper entity as well as taxes.

1. Would it be better to form an LLC or LLP for this type of deal and should it be created in MN or CA? I would greatly appreciate any attorney recommendations who could help identify and form the proper entity for our situation. Also, does anyone know about what this would cost for an attorney to set this up for us?

2. How will taxes work for each of us since we are in different states? Will the two of us in MN get taxed twice on income tax for CA and MN?

I greatly appreciate any and all information and recommendations on this topic.

Thanks!

I am thinking about putting in an electrical hookup and renting out my empty lake lot to people who would like to pull up their own campers or just camp in tents. This would be like a STR without the home to stay in. Looking to see if anyone has had success doing this or what others may think about the idea.

@James Hamling Your comment makes a lot of sense here. But I'm wondering, what did the second property manager in your example do so differently to be able to turn the same exact property into a cash cow?

Hello BP, I've listened to the podcast for some time now but this is the first time I've come to the forum online. I am from Alexandria, MN and currently living in the area again. I have a strong interest to get into real estate investing by acquiring single and multi family homes to rent along with short term vacation rentals. Would love to connect with people in the area who are also pursuing this path.