Hello, I need advice about whether or not to buy a warehouse/house+10acres from my boss, and then rent out the warehouse? i have no-one else to ask, ill explain my situation in more detail below. entrepreneur how earn by blogging blog

Exactly as the title states. My boss has a 10acre plot fenced in for cows/horses etc.(none there) and a 10,000 sq/ft warehouse with a 1500sq/ft home built inside. he wants cash flow to expand his business. zillow estimates it at $409Kish he wants to sell it to me for $400K and pay me rent of $2000 a month to use the warehouse. Also the current tenants will pay $1500/mo until they move out so about 6 months to a year. taxes with ag exemption is a little over $5K a year and utilities are only about $250 a month. I have no one else to ask for advice no one (ANY ADVICE IS HELPFUL) tho i am in a special situation where i could ask my very wealthy family to help (they offered to buy me a house yet are very weird about it. but if this sounds like a bad idea why? that way i know to not even ask family. any thing else u need to know about it please just ask

Also, he wants to build another 10,000 sq/ft warehouse next year, he will pay for it but no more rent since he's paying for it. Or i could pay for it and get another $2500 a month. And he also plans on it going another 10+ years. He also has a warehouse and lives down the street. i would ask my family for $500K to buy and build both with the idea of paying most back unless they tell me i don't have to at $2000/mo until the second warehouse is built then $4000/mo for 10 years. and would i start an llc to rent it out or a sole proprietorship? ill ask legal when i have a better idea of this whole thing from u guys.

also are there tax benefits to having it as a business? i also only make $2K a month if that is anything. I've known the guy for 5 years and he has been good to me my family, his family, his employees, neighbors. All around great guy, has no kids and wants to leave the business to the employees. 6 employees- a little over $400K a year in profit around $2.5mil in sales. if that helps answer any questions. please if there are things i need to do or ask or check into with the building, land, (has been rented to 3 people in 7 years). let me know. I’m super excited about this.

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