Your LLC can be taxed as a sole proprietor and for the LLC to do as intended ("Limit" your "Liability") you must completely separate personal and business expenses, credit card, bank accounts etc etc and obtaining bank financing may be impacted.

Whether you take any money from the accounts you use for rental properties or not doesn't affect taxes. 

If its an auction dot com on line auction and not a trustee sale then no you have to close then sell. cant assign contracts with those folks. this specifically keeps the wholesalers at bey and allows investors a chance to go direct with out those pesky daisy chain deals.Most cant do a 15 day close either.. unless they are pro's IE have the cash in the bank and know how to do their own title searchs or have a premier account with thier title company that will fast track and do a clsoing in 3 days or so..

Account Closed    Hey Dino, Thanks for that....

Looks like I’m going to reactivate my Facebook account back up.

Good Saturday morning to everyone...I have been listening to the podcast and lurking around the site for a few months now...I am an Army veteran, my wife is currently in the Navy..I have my BS in Accounting and am working towards becoming a CPA...Real estate has always be of interest to me, however coming from a family that has never owned anything, I didn't know where to begin...BP has opened my eyes to the fact being that real estate investing is possible for us...I am a sponge right now wanting to learn any and everything...My schedule is flexible, therefore if any investors or anyone in the box would like to have a person that can do some running around for you here and there in the North San Diego County area, hit me up 

The third bank (where I had my personal checking account) qualified me for a $60k personal loan on the spot. 

@Jason VaughnCheck with the accountants on BP@Lance Lvovsky @Ashish Acharya @Michael Plaks @Brandon Hall very good answers from all of them. 

So it is good to have an operations account there to take care of things that come up.

@Jay Hinrichs So, during tax season you work with your accountant and than owe the IRS at normal tax rates?