It isn't required in Illinois.What about if my partner backs out?

The interesting thing is that while Detroit has gotten a black eye for so long (much, but not all of it, justifiably so), so many have never mentioned the unethical and unprofessional sales partners in different parts of the world.

I have a local partner there who is a US citizen/resident and we would like to go in it together i.e. split the funds, mortgage, costs, etc.I know there are different structures available such as LLC, LLP, LP and a plain partnership, and wanted to know what the benefits and disadvantages are of each regarding things like taxes, liability, etc.

Deal #1: Cash Deal #2: Conventional Loan Deal #3: Portfolio Loan Deal #4: Portfolio Loan Deal #5: Partner/Private MoneyIn my first 5 deals, I think I proved that there are a lot of ways to finance rehab deals

The park has been returning just over 20% on my investment after expenses.Real Estate Goals 1) Fix and flip 6 SFR's/year with cash. 2) Buy and hold as many SFR rental properties as possible using leveraged(bank) money. 3) Buy and hold at least one MDU (leveraged) 4) Partner with others on spec builds in 'hot' Austin zip codes.Currently Seeking Properties to F&F Properties to B&H Equity partnership on Spec builds in Austin (78702 and others) Establishing a relationship with local Mortgage Broker for B&H's.

A partner and I created a LLC.

However, now with more experience we are partnering in wholesaling more at this time.Just wanted to say hi to everyone and I look forward to interacting with you all!

I would just caution you not to be a pioneer on your first project - that's how it can easily become your last.The best advice I ever got (and often repeated on this board and elsewhere) was to find a partner or mentor with proven ability to teach you the ropes.

My business partner had to stop to get a hotel room.

I am meeting with one of my former partners next week and plan to talk about what they are doing in this area now.