Hello,I'm reading Avery Carl's book "Short-Term Rental Long-Term Wealth" and she mentions setting up a designated business account and making housekeepers fill out a W9 and paying them through direct deposit or an online invoice payment platform.

In some states, a real estate license is required to originate private money business purpose loans.

Ensure the monthly payments are manageable within your budget.Private Lenders or Hard Money Loans:Approach private lenders or hard money lenders who may be more flexible with lien positions.

If this LLC was formed after January 1, 2021, it needs to be registered with FINCEN.Ongoing Compliance:Annual Reports: File annual reports with both Nevada and Michigan to keep your LLC in good standing.State Taxes: Check if you need to file state taxes or pay fees in both Nevada and Michigan.General Compliance Tips:Local Business Licenses: Depending on the city or county, you may need a local business license for operating your LLC.Registered Agent: Ensure you have a registered agent in each state where your LLC operates.

I considered private money for purchase and rehab and refinance at a later time.

Wholesaling is a competitive business in most markets and takes time and resources.

We are looking to grow our flipping business this year as well get into holding properties as our long term wealth strategy.

Here are some additional activities that count, toward real estate professional and material participation hours.Research market for real estate transaction opportunities; current office market rates; terms of financingMaking offer contracts for properties that you end up buyingNegotiation for acquisition of rental properties that you end up purchasing; including directing due diligence and managing financial projections/business plansObtaining financing for properties that you purchaseProperty inspectionsAdvertisingMeeting with Prospective Tenants/showing properties to prospective tenantsNegotiate, obtain, & review proposals and contracts with vendors (insurance, utilities, etc) for property servicesReview and Negotiate The Terms of Sale AgreementsStaging and Decorating3rd party contractor, vendor, or service provider supervision

If you look under his original company names youll find even more lawsuits and warnings against doing business with him online.

Wholesaling is a sales and marketing business.