Estate Planning USA.com

i purchased this house for 31k, rehabbed it for 41k, my intention is to have it appraised and hopefully it will appraised for 170k.
i want to take 80k once the house is refinanced and buy another house and rehab it.
one bank said i would have to take out 2 mortgages because 80k would be more than 20% of the equity in the house.
i plan to rent it out for 1150 a month, i keep the rent low so my tenants will want to stay
i have a property management group already
do i want to refinance this house or do i need an open line of credit on this house in order to get the money to rehab future house? do i want to form an llc. can i use real estate investing as the reason i am forming an llc, outside of protecting my personal assets? i just want to buy and rehab houses for now, each time time taking the money from the previous house i bought to buy another one. i hope i didnt confuse anyone.

I am planning on purchasing a home (on contract-with a 2 year balloon), selling it to my some on lease-to-own contract. In this way, if he defaults, I still have the home to rent to someone else. OR I could co-sign a loan that he gets on his own … I don’t know what happens if he defaults in this case. What is the best to do for the both of us?

I am also looking for free real estate forms online that could be used between the current owners of the home and us AND between us and our son.

Thanks for any answers that can help us out
State of Colorado

I’m an individual who will be buying rental properties, and buying properties that I will flip. I plan to hold each rental through a separate legal entitity (LLC) which will be owned by another legal ("parent, if you will) entity (LLC) to protect me and each property from the liabilities of the others.

Is that the strategy you would recommend? LLC for each property with each LLC owned by a common LLC? Or would you suggest that the common company be an "S" Corp? If so, why?

Also, what about properties I’m flipping? Do you think they should also be held by an LLC?

Thanks!!!

Chuck

My wife and I are in the process of estate planning. We talked with 2 different lawyers and have 2 different pieces of legal advise:

~1: Establish a Living Revocable Trust. This allows you to avoid probate on assets that do not have beneficiary designations.

~2: Use a Will. Your major accounts and home will pass to your spouse if you ensure the beneficiary designation forms/titles are on file with the correct information. True, any personal property (not held jointly) without a beneficiary may go through probate, but that will be a small portion of your assets.

My question is this: If a couple has a living revolvable trust, one or both of the spouses pass away, is it advisable to have legal council to execute the trust?

The way things are being presented, the Trust is a large upfront cost with no back end costs. The Will is a small upfront cost but a large back end cost.

I am curious if the Trust is a large upfront cost and has significant costs on the back end too.