This meant that the snow accumulated on the roof.

If the property is to be used as a rental, then your rental income and expenses are reported on Schedule E (1040) as if the LLC did not exist.On the other hand, if your single member LLC has elected to be treated as a corporation for tax purposes, then your LLC files a corporate tax return (either 1120 or 1120S) to report all your LLC income and expenses.No matter how you and your accountant decide to treat your out of pocket expenses, you need to make sure that the LLC never pays for your personal expenses, and vice versa.

When elections come along, a bad judge should not get re-elected!

Sorry I meant to say (2)1 BR @ $300 and (4)2 BR @ $400!

A couple items that I forgot:--there is nothing wrong with having a single member LLC set up as "manager managed" --in terms of preserving the corporate veil, it doesn't matter whether the LLC is treated as a disregarded entity or elects S-Corp taxation for its tax treatment.

When I said "based on the math" I meant that you should have a maximum price you are willing to pay for the house based upon the investment return.

I have always read that if you are flipping real estate, you should do it in a S Corp and hold rentals in a LLC.The part where I am getting confused is LLC is already providing some liability protection and you can elect to be taxed as an S Corp and have to deal with less paperwork than forming an LLC.

I thought he had failed to look at the brochure we had provided but it turms out he meant what is the discount off of the BPO.

I would, however, be quite clear what is meant by "a couple." :-)

He tried to say that that is what the 9 1/2 meant.