what would be involved if say my parents (im 23 years old) decided to register their own business - this would be based on them buying real estate, mainly houses, and me renovating them by myself -- is that even possible?

i know this may sound really lame, but i was just looking for ANY, and i mean any info i could get to learn more about how to manage such a venture, if at all.

thanks in advance!

This is entirly possible. Depending on the state and/or country that you live in which would be the best type of business or company registration, which will give you the best management structure.

One thing you will want to be careful of and probably check out with a solicitor or such would be that of workers comp. Depending on the type of registration for the business or company you may need to become and employee if you are doing a majority of the work and as such there will be many more things that will need to be considered. If you let us know where you are located somone may be able to give you some more information which is more relevant.

im from british columbia, canada..

i just got the idea to maybe save them some money through tax breaks, etc.. and not sure if im even in the right forum

There are plenty of books on this subject... Real Estate Investing... go have a look at your favorite books store or book site.

You might have real estate investment clubs in your area.

There are CD/audio tapes on this ... Carlton Sheets, Robert Allan, and a whole bunch of others, etc.

Go to you state/country web site and look for "start a business"... learn more there.

The first book to get, IMO, is the Emyth Revisited for Contactors by Micheal Gerber.

Have your parents talk to their CPA, and lawyer, too

I am from B.C. and have started and operated many private and public companies there. You can either get a business license from your municipal government and operate as a Sole Proprietorship, or go to Willsons Stationary in Vancouver and get a package for incorporating a company on your own. This is quite easy to do, and the instructions that come with it are straightforward. I'm not sure what the fees are now, but they will be around $300, which is paid to the Receiver-General in B.C. Once you are incorporated, you will automatically receive a package from the Worker's Compensation Board requiring you to file with them as well. You would then be an employee of that company, which I assume would be owned by you and your parents. This link will give you valuable information about the government services and processes. Good Luck.

I read that you are in BC, so I cant help you on the company formation side of the equation It is best to contact a local accountant for that information...

How do you start something like this?

Do you know how to renovate, are you handy with tools, putting in lineoleum? DIY?

Then you need to focus on areas where you can instantly add value.

Know about the effects of water damage, roofing and foundations...that will save you lots of hassle.

Understand these 4 areas of work will be performed on every property you acquire....

1) painting

2) kitchen renovation (painting cabinets, installing drawers in below counter storage spaces, replacing knobs) (get ALL new appliances at Sears...cheap, warrantied, and they install all)

3) Bathroom Renovation (Plumbing and electric is important and expensive to subcontract out. You should know basic (and then some) plumbing and electrical trades. Not an expert, but you might need to replace outlets, (GFI's) put in new overhead lights, put in a new toilet...all stuff that is easily done, if you know what you're doing...

4) Curb appeal...get some advice here...Landscaping....Reailroad ties, slate walkways, i once planted beautiful bushes, and the next day, they were nubs. Deer ate them that night... Also exterior paint, new entrance lights, nice fake flowers (canada can be cold)

Good luck.

good luck in BC