For this reason many folks will have their single member LLCs elect to file taxes as a partnership. 

Find yourself a good realtor who can show you some properties, make an offer, get the house, be happy.I'm sure you already know all this and probably meant it, just wanted to be clear on a few things!

So, I guess just one of you is a Member since only single member LLC's are taxed as a disregarded entity...As you may know, S Corp is only just a tax status which you elect anytime after forming a LLC or C Corp. 

I understand that this way you can elect to connect the income to the US company you have formed, and are therefore entitled to quite a few deductions, but you would still have to pay a 30% rate on your NET income, after expenses.

Hi all - happy holidays.I closed on my first investment property in September. A SFR in Cleveland. so far it's going pretty well. I am trying to gauge the market as best as possible (obviously we don't have a crystal ...

I passed on it, had a much better deal come through so it wasn't meant to be!

Sorry, meant look for a partner local in the area you want to flip:)

I didn't quite understand your first sentence though - particularly where you said "you can get a public" ... can you please clarify what you meant here? 

The out of state LLC is considered a foreign entity which meant additional costs & paperwork. 

@Deb L.There are many rules when it comes to writing off / capitalizing items such as improvements or repairs.Improvements may need to be capitalized unless there is an election in place that will allow you to write off the full amount in the first year.Alternatively, if there is something placed into service in the past and the item is no longer of value, you may be able to potentially write off whatever wasn't depreciated up-to that point.In general, it may be best suited to talk to a CPA to better understand your situation and give you more suited advice.