Key Takeaways
- Licensing requirements vary by state and activity—consult a real estate attorney in each operating state.
- Fair housing violations carry penalties of $100K+ and require written policies, training, and documented consistent practices.
- Most real estate businesses should operate as LLCs taxed as S-Corps once revenue exceeds $40K-$50K.
- Engage a real estate CPA before the first transaction—retroactive tax optimization is far more expensive than proactive planning.
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Test Your Knowledge
1.What is the consequence of operating a real estate business without proper licensing?
2.What entity structure do most real estate businesses adopt once revenue exceeds $40K-$50K?
3.What penalties can result from Fair Housing Act violations?