Do you have a family member or friend who's achieved what you want to achieve?

We plan to act as the GC for permit coordination, but mechanical, electrical, and plumbing contractors will file their permits individually under our GC status.

This is a challenge for many new wholesalers- they think they need a "wholesale" friendly title company.

Anything to keep your mind and "Realtor" top of mind with your friends and contacts.

It depends on if the LLC is a single member LLC or a multi-member LLC.If it is a single-member LLC, it is considered a disregarded entity and reported directly on your individual return.If it is a multi-member LLC, by default, it is considered a partnership.If there is no income or expenses(rare to happen), then yes, no requirement atleast at the federal level. 

Hello Friends, I am debating whether or not I put my energy towards wholesaling or head to the sheriffs auction for foreclosures.

Though usually, it depends on the investor and their individual goals.

Make sure that you're working with a wholesaler friendly attorney who understands what you're trying to do. 

I had a friend who mentioned that it was expensive but, I had no idea that it was that bad.

The asset protection benefit is that I can utilize Special Allocation strategies whereby, I, as a natural personal individual, would own less than 10% of this new Partnership/LLC and my SMLLC would own the remainder 90% thus the majority tax responsibility would flow through to the SMLLC.Any thoughts from the professionals of BP is greatly appreciated!