We often need to ask the right questions to help determine the best route for each individual.

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.

At the end of the day, both of these respective vendors/individuals are paid when the deal closes. 

Think about your individual chances of being affected.  

While I’m still in the early stages, I’m incredibly motivated to learn, grow, and surround myself with like-minded individuals who can help guide me along the way.What drew me to real estate is that I saw it as the best route for me and family to have financial freedom.

Some of the easiest deals my dad did were taking a large piece of land and subdividing it into smaller pieces and then selling them off individually.

I have partnered with individuals on fix and flips but my goal for 2025 is to buy my first LTR.

Personally I like 1 savings and 1 individual checking for each property.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

When I partnered with friends on a multi-unit property a few years ago, we chose individual umbrella polcies from our personal providers.