Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

You would also want to add the LLC entity as an "Additional Insured" party onto the landlord insurance for the property.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits.

I created a co-hosting profile as I was looking for additional opportunities.

I'll just add that in addition to offsetting future tax liability, I'd like to offset current taxes as well, during my highest earning years. 

Given this, I’m exploring options like a bank statement loan or other investor-friendly lending solutions that work with my circumstances.In addition, I’m also looking for an experienced realtor in the Metro Atlanta area who can help me find the right property.We’re targeting properties in or near the Douglasville area with the following criteria:•Finished basement with a kitchen, living room, and at least one bedroom•Garage•Yard space•Open-concept designThe location should be west of I-285 and relatively close to the airport.If you know of any lenders or realtors who can work with investors and self-employed buyers, I’d love to hear your recommendations!

Additionally, any existing restrictions at the town level (there are MANY) will be abolished, unless deemed "reasonable" by the state.

Additionally, FEMA updated the local flood maps here in July 2024 and much of the area now requires flood insurance.