I looked up the tax records and it's actually held by an investment LLC out in Cali.

I looked at the tax info on the property and found the address of the owner(they live out of state).

I'm considering starting an LLC that I can run rental income and expenses through for the main purpose of starting a retirement plan (probably a solo 401k) so that I can start socking away some income into a tax deferred account.

This response neither constitutes legal or tax advice nor establishes an attorney-client relationship.

Will the IRA be subject to self employment taxes (because this is a flip) or will it just be taxed as ordinary income? 

Both are good locations, but i believe the taxes are higher in new britain.  

Another avenue you might want to consider is tax deed land sales that start coming up toward the end of the year.

My taxes are around 2100 yr with insurance at around $600.Is my investment in this property the 17600 difference between the current loan amount and the original value?

Hi all, this is my first real question here... a CPA recommended that for a residential rental business in NC I should start an LLC but buy the homes in my own name because a business cannot deduct the mortgage intere...

@Gary MontgomeryYour first year is going to be the most difficult because you will not have any tax returns as a SE investor, which is heavily weighted for bank underwriting.