Posted by Handy(MN) on May 17, 2008 at 15:42:22:
In Reply to: S-Corp, C-Corp, or LLC???? posted by Evonne on May 09, 2008 at 19:47:54:
I have several LLCs, and use one for rentals (1+ years), a second for L-O (1-2 year holds) another for short-term flips. If you mix your flips with your holds, you run the risk that all your profits may be classed (or worse yet, RE-classed) as ordinary income if you get audited. It's more work, but seems to be working for me.