It is not clear who it is you were planning on trying to get to assume the loan, but I get the impression it is a business entity you both own.

If you co-mingle the contract assignment aspect of your business with the rehab aspect under the same entity, then every dollar generated will eventually get the dealer status.

Between the two of them, they should have all the info you need.Illinois allows realtors to self-sponsor, but you have to set up a legal entity (corp, LLC, etc), and make it a sole-proprietorship (IIRC).

Hello BP community - I am looking for a recommendation for a lawyer that specializes in setting up entities (LLCs / Limited Partnerships).

I am thinking of isolating a number of solid income producers in one entity, and having them mostly debt free.

That is a business run by a person without a separate entity.

Edit: should say "Buying apartment building using a trust?"

(Sorry hit submit before I could edit the subject.)

Dear BP family:

We just had an LOI accepted on a 44-unit that is about 8 miles f...

Hi BP Friends, I would like to setup my investment property under an entity or corporation.

Great way to pick up some good info and possibly a deal.For a CPA remember that person will advise what legal entities are good for you and develop tax strategies.

Brand new to all this.I was just wondering if anyone has tried or knows if I would be able to wholesale a deal through/to ibuyhouses.com or homevestors.com, etc?

Thanks