Forming an LLC before I begin?

[Ty Martin]

Hi BP family!  I am just starting out and put my first offer in on a condo that needs minimal to moderate rehab in my hometown of Marlton, NJ.  I am planning on house-hacking it for about a year before hopefully moving on and renting it out completely.  It is a 2 bedroom / 2 full bathroom condo.

Anyway, considering I am new to this, I was wondering if forming an LLC would be necessary or recommended before I dive into real estate investing, both from a tax and liability standpoint.

Hoping to hear the pros and cons to an LLC, S-Corp, or an umbrella policy, along with any other suggestions you may have. Thanks all!