It may surprise you to learn that here, in Honolulu, the zoning for rentals is quite regulated (note- I did not say enforced) While Waikiki is largely "resort" zoning, which allows daily rentals, there ARE individual buildings that restrict this, requiring 30 or even 90 days minimum occupancy.

For example, what happens if you and your partner decide to go separate ways or decided to do a couple of deals individually?

My vision is to build a second single family home (with garage) on the back part of the lot...and then sell them individually retail via a realtor.

:D I'm an account manager for an Internet based marketing firm - New Homes Section, we provide homebuyers (Realtors & individuals) with information on home builders and their incentives, amongst many other things.I'm very happy to be a part of this forum and I'll try to be as active as possible as I learn to navigate around the site!

I am in the game.My hope is to develop strong professional relationships with likeminded individuals.

My guess is that having a broker work with with us is the ideal situation.

That is, my cousin is a millionaire stockbroker, and I have at least 3 other stockbroker friends who service high net worth individuals ($1,000,000+ in their investment accounts).

The ideal use of the space is a commercial building.

Are there three years of tax returns filed in the name of the company (not a sole LLC where the taxes were filed under the individual member's SSN)?

Would the capital gain be better if taken solely as an individual (non llv) ownership of tjhe entity?