The NJ LLC would be a disregarded entity, so the tax implications are beyond my wheelhouse, but otherwise, you should be good to go.

However, doing one assignment and getting caught at it will most likely be a fine and probably barred from ever holding any state professional license, jail is likely reserved for those repeat offenders who might do 10 or 20 deals and get caught, showing a total disregard for the licensing laws while conducting business.Wholesaling can be done ethically and legally, it's not when all you're doing is assigning a sale contract. 

So please disregard that post.

It is city water though (nowhere near Flint) and no fracking nearby.Also please disregard the poor grammar in my thread title.

You'd be surprised at the amount of change people disregard.

I was just talking to my CPA regarding LLC formation, as I live in California and my CPA is telling me after research but not actual direct experience he believes that:1) if I live in California any non-CA LLC(with or without a partner) that I directly own I have to pay the CA FTB $800 - I knew this information 2) and any LLC that my non-CA LLC owns even if the child non-CA LLC is a disregarded entity I also need to pay the yearly CA FTB $800 fee.The structure we were considering is this:A) A holding company outside of CA (but registered to do business in CA) - a WY or NV B) other non-CA LLCs but all these other non-CA LLC are owned by the holding company.Anyone in California who has this structure that is paying all the CA LLC FTB $800 fee for (B) non-directly owned non-CA LLC ?

The attorney and the Court will take into account a variety of factors to establish if you have a functioning entity or if the entity should be disregarded.

Your example disregards the availability of leverage.

Feel free to disregard any or all of them

When I apply for this online with the IRS is it possible in Ohio to set it up as a disregarded entity so I don't have to file a separate return for the rental biz?