A partnership, corporation or disregarded entity?

I have been wholesaling for two months now in the Los Angeles area though, and the first deal that I’m about to put to bed was done in partnership with my buddy from Renatus that introduced me to them in the first place.

Scott there are different types of investors for sponsor type or partnership deals.1.

The investor capital raise was $10 million.For property management I use a local 3rd party management company who I have worked with before who will manage the day to day operations.I am a very hands on operator and work very closely, in partnership with the management company to help me execute my value-add strategy on this asset.If you haven't done your first deal yet, that is okay.

The are pricey but they have a strong partnership with Airbnb and look to become the leader of the Airbnb lock market.

It appears that the property is held within a partnership so the partnership would have to do the 1031 in this case(if you decide to go this route).If the property is sold outright - the gain(if any) is broken down into two components that is subject to depreciation recapture and that is subject to capital gain treatment.If the property is located in Florida and you are a Florida resident - you shouldn't be exposed to any state income tax upon sale.

Their trust currently functions similar to a mix of a 1031 and an installment sale.My reason for posting is that I never pursued marketing the trust after that initial emergency.

id say definitely get the permit , if you do ever decide to sell youll likely have to get the property inspected and if they notice any of these changes theyll look for the permits for them and when they see there are none youll have a HUGE problem on your hands and likely have to bring everything to code and have it inspected prior to the pass of the inspection, also with so many different styles of trades involved one "handyman" shouldnt be doing them all . remember the saying "jack of all trades , master of none" this sounds like a nightmare waiting to happen to me and ive been a plumber for 5 years , the permits are there to protect the home owners and make sure everything is safe and working properly, would you really risk safty and functionally for a few thousand dollars?

Your yard is still fully functional without a fence. 

What you don’t get is asset protection from creditors/lawsuits, but you may not have gotten that anyway depending on your state and a good umbrella insurance policy can perform a similar function for many people.