All Forum Posts by: Pat C.

  I am needing the advice of a real estate tax specialist in the Palm Beach County, Martin County Florida area.

I have a few situations where I need to reduce my general and tax liability.   Any recommendations would be greatly appreciated!

Hello,

I'm looking for a local real estate tax Specilaist or accountant familiar with the best way to set up and run an investing company.  Anyone in the Palm Beach County, Martin County area.

Looking forward,

I'm in the market for single family fix/flip opportunities in the following Florida counties; Palm Beach County, Martin County, Saint Lucie County, Indian River County, and Brevard County.  We would like to stay in the 100k or less range to acquire and that fit our parameters.  If you have constant deal flow or great opportunities, please let me know! Cash purchase is an option.

I ended up going with Pelican Insurance. They were the most responsive and competitive.

Does anyone have a good suggestion on the best way to handle setting up and taxing a single family home rehab and flip?

My investor on this this project purchased this home using cash and the property is in his name.  His cash on initial purchase price, closing cost, etc.  We then split renovation cost and split profits at time of sale.

I want to most effectively handle taxation and then roll my portion of profits into another real estate investment.  

Our deal is a handshake agreement with nothing in writing. I want to offer my investor the most protection from litigation and Uncle Sam in a legally conforming way of course.

Any suggestions or tips on how to shelter profits and reduce tax bill would be greatly appreciated. I think the project should be in the name of an LLC to protect the investor.

thank you for the help, how do I use the shift key when on my iPad?  

@Wayne Brooks I'll give Pelican Insurance a call as well.  Thanks. 

thanks @Steve Babisk , @Travis Hamilton for the replies.  I've contacted http://www.nreinsurance.com/ for some quotes on my specific properties. I'll update the post with which policy I end up choosing.

Does anyone have a referral or suggestion for an insurance policy to cover me in a fix and flip investment? Do I need builders risk insurance? No major renovations, just cosmetic. Paid cash and ARV roughly $150k. I could only find a 90 day vacant home policy for $700 that needs to be fully paid. The single family home is located in Saint Lucie County, FL.

If anyone has suggestions on type of coverage and what to look for, I'm all ears!

Looking forward,

thank you very much for the replies!  I will begin with a cash for keys offer.  What do you think would be a normal offer on a singe family home with an estimated value of $150k?