Corporate Law Real Estate LLC

[brreddy]

My friend and I are planning to invest in Real estate by buying SFR units in California and renting them. We are thinking about incorporating as LLC since we heard that is the best way to do it. We will be equal partners but will have loans on either of us, since it is not easy to get financing for the LLC.
I have few questions the best way to do this
1. Do we specify the amounts that we have as capital while incorporating the company?
2. HOw are loans handled since they are on individual and not on the corporation?
3. Before we setup an appointment with attorney for incorporating, what are the questions we should be prepared with so that we make good use of their time.
4. Any other things that we need to consider?
5. Does it serve any purpose or benefit incorporating in Nevada but having the rental units in California.

Thanks for help.

 

[army judge]

My friend and I are planning to invest in Real estate by buying SFR units in California and renting them. We are thinking about incorporating as LLC since we heard that is the best way to do it. We will be equal partners but will have loans on either of us, since it is not easy to get financing for the LLC.
I have few questions the best way to do this
1. Do we specify the amounts that we have as capital while incorporating the company?
2. HOw are loans handled since they are on individual and not on the corporation?
3. Before we setup an appointment with attorney for incorporating, what are the questions we should be prepared with so that we make good use of their time.
4. Any other things that we need to consider?
5. Does it serve any purpose or benefit incorporating in Nevada but having the rental units in California.

Thanks for help.

Are you willing to trust your money to strangers on the internet?
Do not be pound wise and penny foolish.
Ask all the questions you need to ask when you meet with the attorney.
That is precisely why you are going to meet with him/her!
Dude, this is your MONEY.
Be careful, very careful!!!!

 

[brreddy]

Thanks for the advice Army Judge. I will be careful with money since it is hard earned and not any inheritance. My intentions are very clear, I posted the questions so that I would be better informed and prepared when I meet the attorney. I wanted to find out from people who may have been in similar situation or knowledge about LLC and what are the pitfalls we would be facing.