However, if actively working in the business, the IRS requires taking a reasonable salary (W-2) before taking distributions.Since this is your first project, it’s a good time to discuss with your CPA whether an S-corp is the best structure for future flips, or if a different entity type (like an LLC taxed as an S-corp) might be more beneficial.This post does not create a CPA-Client relationship.

Originally posted by @Davon Lowery:@WenY I know I'm late to the conversation but I have a pending counter offer on an REO property in the Greater Grand Crossing area.

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Originally posted by @Kurt Michaelson:@Will Fraser & @Blake Lennon would you mind sending those recommendations to me as well?  

Will keep you posted!!!

We're in the process of setting up an LLC and trying to make sure we have all of the correct licensure before posting our listing.

Its where agents "post" a listing for sale.

I have a 2.5% assumable VA loan with over $520k remaining and the homes price is $785,000.I considered posting in community forums on FB but that’s not allowed.

However, beware that certain “passionate” parties posting on BP have taken to an almost “religious” crusade against about anything that can be considered “creative”.  

You might also like few of the blog posts I wrote on BP about getting started in real estate.