One for their buy & holds and another for their flips to keep the two separate.You file Schedule C as if you were a Sole Proprietor.

(April 15th, June 15th, September 15th and January 15th) These are the estimated payment due dates each year. http://www.irs.gov/pub/irs-pdf/f1040es.pdfIf your state has an income tax, you will have to find their estimated tax form and fill that in as well)Be prepared to pay 30% or more of your total income in taxes(Income and SE tax which is comprised of both halves of Social Security and Medicare)Second, since you are in business for yourself as a sole proprietor, you will file form Schedule C with your Form 1040. http://www.irs.gov/pub/irs-pdf/f1040sc.pdfYou will want to include your payments on your 1040 when you file your return.A single-member LLC would have no difference as it is treated as a sole proprietor for that purpose.If your LLC elects to be taxes as a corporation(preferably an S-Corp) You would be required to do the same thing; however, you will also be required to issue a W-2, and file employment tax returns.

I sent him a 1099 as he is a sole proprietor.

I need to finally pull the trigger on this.My pertinent info:-I own 3 rental SFR properties, all free and clear :D worth approximately $450k-I live in a 4th property which is mortgaged-I live in California :/-I also have a regular jobPrimary goal: asset protectionSecondary goal: increase tax advantages above and beyond my current sole proprietor statusAs a side note, I would also like to hear your thoughts on LLC'ing in wyoming/nevada/wherever else you can think of and how that model would or would not work in California as a foreign corp seeing as how "strict", for the lack of a better word, it is here in California.My entity/entities of choice would protect me from inside liability as well as outside liability.

,Is this LLC operating as an S-corp or as a sole proprietor?

Quick question about business structure. I was recently talking to my accountant about my planned start in the wholesaling business . We talked a little about tax implications and then she brought up a good question...

David, you do not need to have a corporation to have a solo 401k plan, it can be a simple sole proprietor business.Steven, I would love to talk with you further regarding the solok plan and investing in the c corp shares.

If it was in your name it was done as a sole proprietor.

Can I start my own sole proprietor real estate business without one?

I have an LLC (I'm a sole proprietor) which owns 4 properties (7 units total).