LLC or S-Corp

[Dave Versch]

Hi,

I'm about to purchase 1 or 2 rentals. I'm debating over which way I should own the properties -- LLC or S-Corp. My understanding is that the only real disadvantage to going LLC is that you have to pay both halves (employer and employee) of FICA and Medicare tax on net income. However, my regular job already puts me beyond the FICA limit, so that by the third quarter of the year I no longer have to contribute to FICA. Since LLC income is taxed as pass-through and added to my personal income, does that mean that I won't have to pay the FICA on the LLC income either because I'm already over the limit?

Also, does anyone have any thoughts on which of these options to choose?