IT"S GONE, BANK ACCEPTED AN OFFER ON FRIDAY!!!!

Originally posted by Ethan S.

my partner and i have been talking to a cpa and he told us to start up an s-corp to avoid self employment tax which is at about 15% in minnesota. according to him we would 1) incorporate our business 2) file with secretary of state 3) get fed and state id #s 4) file sub s status 5) open bank account 6) buy quickbooks. is this what we should be doing instead of having an llc with my partner?

If a homeowner is in a dire situation where s/he fails to pay the full amount of interest each month (resulting in negative amortization), when s/he applies for a refi, does she have to repay all interest that was due on the first loan before the second loan is given?

The owner and tenant buyer will execute a P&S.

The HomePath structured sales agreement(s), like FDIC pool sales, don't allow these disclosures unless the information is 'generally available to the public...' and we've seen no offering presented yet from GSEs/FHFA.

I don't connect with them through social media because I don't have any accounts.Another approach is to let the tenants know that you are ONE of the owners, and you have to answer to the other(s).

Rich, do you see some in their 40's and 50's doing this before retirement?

Maybe you should consider using and S corp and paying yourself hourly.

I think he also may have given me bad info about s-corp taxation (which I posted on another thread here).