You guys will probably have to buy a house together personally and contribute the asset to the LLC if you really wanted an LLC(or get a good insurance).

@Aarti Bambha  Our group insurance agent  can work in both States.

Price is 210000 taxes are 2100 insurance is 1400 vacancy should be 1 to 2 percent .

Here's reasons why-https://www.biggerpockets.com/renewsblog/2013/08/1...In short though, I don't see a benefit to an LLC for one property that would cover anything more than an umbrella insurance policy would, and umbrellas don't bring all the drama that LLCs do.

There are some reasons why flipping might be better in an S-corp (in terms of expenses, salary, maybe formation of health plan and Solo 401K, etc.), for which you should consult a knowledgeable CPA, but those revolve around shifting areas of taxation and deriving additional benefits.You'll want to do your flipping in an LLC (and if you plan on doing multiples, you should look into Series-LLC) for liability purposes (,  so that if a buyer of one of your flips comes back years after the sale with a lawsuit, you are protected).One way or another, the money gained from flipping is active income and you'll have to pay taxes for it.

@Alex StauntonA quick analysis:Monthly ExpensesDebt +Taxes+Insurance+Other Expenses ($4,800+1,100+200+3,000)=9,100Total Monthly Revenue = 9,000You still have not included property management (if we assume a 10%) you are looking at about 10k in expenses and 9k in revenue. 

Whenever I need a contractor, I just do a search in the group--of course, I still verify with the person that recommended them and my own vetting process which includes a CCAP/License (if applicable to job) and insurance check. 

Some of my pros and cons for leaving current employer versus staying;ProsGreater growth potential as self employed Realtor;More access to marketing tools;Can start building RE business off of the affiliatIon of a more reputable firm; More practice by repetition; Learning opportunities in the public sector (government contracting for corporate housing)Cons Leaving a more secure job (hourly wage, health benefits, PTO, etc.) 

Hello,I'm looking for a local company in MN that is willing to insure and provide workers comp for a General Contractor.

Do I have my buyer file a title insurance claim ( if he has it ) or should I ?