You must get a business license and notify neighboring properties.  

Me and my business partner would own the LLC.

This means that your net profit from your LLC business gets reported on your personal tax return on a Schedule C.

There are two different topics / questions1) Can I deduct real estate education if I am involved in a real estate rental trade or business.2) If you can deduct it, is there a passive limitation involved.

@Michael Keffer I've lived in Beaufort for 12 years and currently half owner of an STR here and my business partner owns a second, both self managed.

What my agent and I are trying to figure out is what is a fair split for the sales side of the business as it relates to the broker doing business.

Just created the business page.

I've seen former players from the 2000's coming back to the industry under different business names, and some of their prior work was less than stellar.

Holding your single family in an LLC can indeed be ideal for tax purposes since businesses often qualify for more deductions than individuals.

For this example we will use 70% For this formula you will need to know the following:ARV=After Repair Value ( How much will the house will sell for after making all the repairs needed)Repair Estimate - (Send me a message and I can send you a list I got from my mentorship class for ball park estimates based on square footage and depending if you need cosmetic repairs, avarage repairs or Extreme repairs)Your Assigment FeeARVx.70 - Repairs - Your Assignment FEE = Max OfferExample$200,000 x .70 = $140,000 - $30,000 (repairs) - $10,000 (your profit) = $100,000 (offer)Your potential profit is $10,000 I hope this formula helps you make offers that will make sense for all involved in the transaction.Happy Wholesaling,Lily Rodriguez - Investor friendly Broker18 years in the business, and I understand it perfectly.