Here we go. So to start off I am married, above water financially and we both have excellent credit. I've been known in my circle to be dedicated and good with money aka smart spender. I want to get into rental properties and when there is blood in the water here come the sharks. My sister and my nephew want in on the action because if I pull the trigger on a property it will probably be a good sign it will profit. There are LOTS of things that go into this, I know. But my question to even start would be should I start a LLC and list me, my wife, sister and nephew if we all put in money? Or should I do it for myself and have them gift me money for my first purchase? I would assume I could get 20% down so I wouldn't have to jump through hoops to rent it out with a FHA or some other loan assistance program. My nephew had a lawsuit at a young age and has a 2.3 MIL dollar trust so if I write up a proposal to his trust company they could loan him money but it might just be like borrowing from a bank? What kind of entity can even answer these questions? Loan officer? CPA? Let's say I buy a cabin in Minnesota for 150,000. Rent it out 20 nights a month for 150 a night, renters pay all fees and insurance plus cleaning company. 3000$ passive income a month for a 1200$ mortgage. How do we set up a way to split it out all accounted for and taxed appropriately? In time add more and more rentals. Sorry for rant. Any input or criticism welcome. I can put down $ 10,000 sister could drop 5,000 more so we might need someone to punch in another 10,000 which would be my nephew. Then I'd still have some cushion for updates and repairs. see hubwealthy.com/wealthy
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