Posted by Bill K. (AZ) on April 07, 1999 at 13:47:36:
Bob,
Bill Bronchick suggested recently in one of his “Live Chat” sessions that “C” corporations are best for lease/options, rehabs and other short-term holding situations. If you are planning to hold rental properties (long-term), then an LLC would be more appropriate.
I don’t remember the exact reasoning for this, but that was his answer to this same question in his chat room.
I’ve read the information and listened to the tapes of LeGrand and Bronchick but am unclear on which route to take as far as incorporating. I’m not a big investor but I do it full time and am ready to try some L/Os and flips and am currently doing rehabs. I’m just not sure what is the right way to protect myself without adding a lot of extra paperwork, tax reporting, corporate tax (with a C corp), etc. Any advice would be appreciated.