@Brian Leu Think in terms of your most immediate needs. It's not likely an LLC or S Corp. Your most immediate need as an investor is to find deals. A phone would help with that. Once you start doing deals on a semi-regular basis, you will probably need an accountant. And then your accountant may say you should really set up an LLC or S-Corp.
I have both. I started with an LLC and my accountant recommended I set up an S-Corp for flips as it would have tax advantages. Do I know how it all works? Kind of, but not really. I hire people who do. Same putting in windows.
I am in the process of setting up an LLC for the first time for a 4-family property I am under contract for. This property will be a buy and hold rental. I am using Incorp to handle the filing and to be my registered agent in the state. It is costing me around $600 which includes 2 years of being my registered agent. I don't know if they are the best, but I had it all done in under 30 minutes (still need to wait for the state to process the filing). Maybe I could have saved a couple hundred with another company or doing it myself, but my time is much more valuable than that.
I do know that if you are setting up the LLC for holding an investment property, you do not want an S-Corp. An S-Corp could be beneficial for a flipper or wholesaler and it has to do with the self employment tax. Flipping and wholesaling involve actual work, and are subject to self employment tax (Any CPA's or people who know more than me, feel free to shoot me down). A traditional corporation (c-corp) is probably not the way to go because of the double taxation, the company pays taxes on it's earnings and you pay taxes on that same money when you pay yourself.
As @Larry T. said, focus on finding deals and getting them under contract, you can always get the entity set up after going under contract or purchase it in your name and then transfer to an LLC after close (might cost you some $ depending on the state laws)
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