Partnership Investing in Joshua Tree, CA
Hello BP,
Myself and two others are investing in a new construction in Joshua Tree, CA that we will be using as a STR. Two of us live in Minnesota and the third partner lives there in California. I have a couple questions in regards to setting up the proper entity as well as taxes.
1. Would it be better to form an LLC or LLP for this type of deal and should it be created in MN or CA? I would greatly appreciate any attorney recommendations who could help identify and form the proper entity for our situation. Also, does anyone know about what this would cost for an attorney to set this up for us?
2. How will taxes work for each of us since we are in different states? Will the two of us in MN get taxed twice on income tax for CA and MN?
I greatly appreciate any and all information and recommendations on this topic.
Thanks!