I relied totally on JWB & Horizon to guide me thru the process, but as I'm getting closer to closing the deal, I'm getting cold feet realizing that I should have done all of my homework myself. what if it's a mistake and certainly don't want any legal issues. do I need to register my LLC in FL as a foreign entity doing business there since it'll be collecting rents?

Hi Jay,The house is owned by an LLC, and I'm not sure an FHA or a conventional loan will furnish such a loan with a business entity.

I’m in insurance right now, we’ve been doing a bunch of business in the Syracuse area the past year or so.

There are no best or worst when it comes to investing, whether in real estate, stocks, bonds, business or anything else.There is only the risk inherent in the asset and the market.

I walked into the first year of my marriage with student loans for college that I did not finish and a large business loan for a business that failed and no longer existed.

I wanted the business to grow primarily because I saw a massive void in the market for intentional, investor-focused SFR property management.

To help you in your real estate journey, consider the following road map:Educate YourselfClarify Your GoalsEvaluate Your FinancesBuild a Solid Credit HistoryChoose Your Real Estate NicheNetwork with Experienced InvestorsCreate a Real Estate Business PlanStart SmallResearch and Understand the MarketStay Informed and AdaptiveConsult ProfessionalsIt is important to keep in mind that accumulating money through real estate is a path that calls for perseverance, patience, and a dedication to education.

I'd first focus on the plumbing business.

I intend to embark on a business venture which is high risk and high reward.

Commissioner, 74 T.C. 1134 (1980) (“The taxpayer’s intent at the time of the exchange is controlling and must be determined.”)Courts consider the following factors in assessing if the property was held for sale: (1) the nature and purpose of the acquisition of the property and the duration of the ownership; (2) the extent and nature of the taxpayer’s efforts to sell the property; (3) the number, extent, continuity and substantiality of the sales; (4) the extent of subdividing, developing, and advertising to increase sales; (5) the use of a business office for the sale of the property; (6) the character and degree of supervision or control exercised by the taxpayer over any representative selling the property; and (7) the time and effort the taxpayer habitually devoted to the sales.