Both units are identical floor plans and I was able to add a third bedroom (making each unit a 3 bed 2 bath) and tear out the kitchen pantries creating twice as much counter space as before with a much more open floorplan.

My friend wants to join a real estate agent in Philadelphia, PA  who also does wholesaling but isn't sure on whether or not to do "business as" herself to report income from wholesaling or if she should request the agent to create an LLC and then become an "employee" although since they are building the business together they are business partners. 

After that, my goals are to scale the proceeds from my first deal into a snowball effect, and create a real estate portfolio to build wealth for my family.

I didn't even think MTM was favorable for the landlord before I moved from Canada because it would (in my mind) create havoc in terms of predicting your future cash flows. 

We have done one flip with a partner before and created and LLC and filed as an S-Corp.

Groups of professionals are created because everyone benefits from being involved with other professionals. 

I would have an attorney create a wrap-around on that so that if things go south, the seller can foreclose the loan. 

But through REI I was able to create the life that I wanted – which never would have been possible otherwise.

If you don’t, you run the risk of creating a portfolio that is really unbalanced.

Then our plan is to do a 1031 exchange by grouping several of these properties together in 2022 into larger deals that can create more cash flow and where we can delay paying taxes, hopefully forever.