Why not strip the paint :), disregarding the clean up mess it would create

[NO - A SINGLE MEMBER LLC (LLC WITH ONE IRA AS OWNER IS TREATED AS A DISREGARDED ENTITY FOR FEDERAL INCOME TAX PURPOSES AND, THUS, NO TAX RETURN IS REQUIRED TO BE FILED] Do I have to pay Federal corp tax on earnings?

The answer to this and many other questions can probably be found with a quick search.Steve Babiak is correct.Please disregard what Tim said as you need to consult an accountant especially in the first year of business.Tim Delp, Please be sure you are correct before answering.

Disregard what I said way earlier.

Hi everyone, I have seen lots of posts about LLCs, and other disregarded entities for asset protection, in addition posts on Insurance policies etc.

Now to see how accurate the numbers really are, according to very conservative estimates, this seems like beyond an amazing deal, and honestly I thought my original offer would be disregarded due to the fact it was almost 50k under asking price.

However, I will say that one must be careful with the whole asset protection thing - it's a very complex area and some courts seem willing to disregard the protections the business entities were created to provide under some circumstances.

If you own multiple properties, please disregard economies of scale and try to estimate how much time you would spend on everything related to owning and landlording a single property.

If you plan to only engage as a landlord I recommend keeping the LLC taxed as a disregarded entity.

I see a political and social influence forming your opinion.I believe I also see a bit of cynicism in your comments about your future that are influencing your opinions which may then become a basis for disregarding advice.