@Richard PraterFrom a tax perspective; there really isin't any major differences between the depreciation deduction whether the house is brought in all cash or acquired using a mortgage.The house purchased with a mortgage likely has higher closing costs due to lender processing fees/fees for recording the mortgage.

But, I think if it's a real deal they will know, they can use their resources and see if it can work.We've partnered with others who have found deals for us in the past and so far they've worked out well, but we've basically ran the show once the deal was found and brought them in as a minority partner on the ownership side.

I brought this idea up to her and she rejected the idea out of concern over how a property manager would affect her taxes among a few other concerns that I have been trying to assuage. 

The liability protection should extend back to the series allowances in Delaware, if any lawsuit is brought in Delaware or brought using Delaware law. 

After getting to know them and expressing my passion and goals in real estate they gave me a shot and brought me in as a project manager.

RE agent who brought us off market deal referred 2nd contractor who cut corners wherever possible, flooded basement due to neglect and walked off job.

In your case, you are well within the available window, so you can still request an S-corp status effective in July 2018 when you file your 2018 return for the company.There is more to that, however, in addition to the issues my colleagues already brought up.Did you buy the flip, or did your LLC?

Purchase price: $56,000 Cash invested: $25,000 Sale price: $150,000 Live in flip; kind of an accidental investment property; Partnered with a friend who brought cash and then made money through a 12 month finance.

My partner and I brought 2k to the closing table. 

Our newest partner had a friend that he thought was perfect for what we needed so we brought him in as our 4th partner.