Account ClosedI am neither an attorney or CPA.imho if the property is in Ill. then you are operating in Ill. whether you have an Ill entity or a Nevada entity.

for asset protection, you would want one entity (for example, LLC, corporation, trust, etc) to own only one or a portion of all your holdings. one for the land, one for the single family (and some future single family), one for the MHP, one for the development land.

Entity formation attorneys do not like spending endless hours giving advice for free.I am not trying to discourage.

So, about 3 weeks ago I put $2500 earnest down on a duplex as a rental from a well established wholesaling entity in Houston.

Before I get to far into RE acquisitions I'd like to understand pros/cons of LLC or other forms of organization to acquire RE property for a buy/hold investor.I have owned a few homes that I purchased personally and I have only one rental left but thinking of purchasing another.Can someone direct me to good information on the topic of LLC or other entities and pros and cons as it relates to ownership, liability, taxes and financing.Thanks, M

@Anthony Dadlani is correct- HML's usually only lend to a business entity- I know we only do so.

I called a title company about the need to register as a foriegn entity and they said if it was a one time deal I wouldn't have to worry about it, but since it will probably be a rental for a couple of years, I guess I will.

Recently, the by-laws were changed and each owner can perform repairs on their side as they see fit.Obviously, this type of situation only works when there is a ruling entity that can direct and resolve these concerns.

The topics will be business entities for investors and contracts for investors.

I would be quite pleased indeed to be offered money not to buy a house that I hadn't put much time into.However, a text message is far from a signed contract, so you'd have to be very careful not to promise your first buyer a nice payment not to buy, when you are dealing with an unknown entity.