My partner and I have a flip that we will be starting in mid march as well!

I've been taking RMDs each year as required, and to think that now I am allowed to empty the remainder of the account and move it into my personal IRA without paying taxes on the distribution.....well, that seems to generouse to be true from the IRS....

Hi @Leila, can you please share your experience with Y Street Capital with me as well?

@Paulette Midgette I haven't looked at that statute in a while but I would check to see if the Home Improvement Consumer Protection Act ("HICPA") applies to this situation.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Since this is a post about our loan shop, I'll highlight that we are a small loan shop (30 employees), family-owned just trying to get more clients by placing their loans well and treating customers well.

SO why all the legalize right, well because like any good law there is a series of if's, but's and when's. 

Make sure they are "investor friendly" and well connected in the neighborhood.

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

There's a lot to this and illinois will not approve you without these things in place, as well as some others.Good luck.