Well I just got out of college and started my corporate career so that’s why I don’t have the cash on hand yet.

According to @Jay Hinrichs, the back yard might be a separate S corporation as developer for ordinary taxable gains and the front part a 1031 exchange for capital gains. 

all these millionaire using leverage and creating low debt for themselves.All CEO issuing stock options, issuing corporate bond , stock buyback is all about creating low cost debts.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

Trace the filings of the corporation you discovered— might give you some clues.  

(Corporations had huge problems with this in 2008.)

I complemented it looking for more documents at the IRS site with Lance’s words and it was extremely helpful.Indeed, a multimember LLC can select how to be taxed sending a form to the IRS and, If taxed as a partnership or corporation, not be subject to FIRPTA because it is not a flow through entity (for this tax withholding purpose ) anymore.Anyway, I want to have a meeting with a real estate experienced CPA in the DFW area in order to clarify any details and establish an LLC with everything covered.

If I buy a house under a corporation (where myself and my dad are the 2 directors), then can I lease the property to my dad to stay in it? 

I assume the market would then be flooded with big corporate investors as landlords.  

You should be receiving a monthly owner statement and then you can just incorporate it into your corporate accounting.I have almost 20 years of PM experience in the accounting/finance world.