@Isaiah Williams There are a variety of pros and cons to each entity option, and what will make the most sense for your LLC will depend on your plans and goals. Buy-and-hold may warrant a different strategy than flipping. If you want to take on additional members down the line, that will also affect your decision. As an example, a big plus of not being a disregarded entity (e.g. not filing a Schedule C for your business) is generally not having to worry about self-employment taxes. However, partnerships, S-corps, and C corps require an additional tax filing, plus there are wage considerations that go along with the S-corp and C-corp designation, all of which you might not feel is worth the effort of managing.
My advice is to schedule time with a tax pro who (a) has expertise in business returns (not all of them do), and (b) does tax planning (not all of them do) and have them help you map out some scenarios to decide what structure will best fit your goals and strategy.
Short answer: do not do anything with your LLC until you have a business plan in motion. Not just on paper, do couple deals first.
Then connect with a tax expert to discuss the best setup for your next phase, as @Jana Cain suggested.
For now - keep your LLC as is, a sole proprietorship. And develop a habit of strictly separating LLC/business money from your personal money.
Good luck investing!
As @Jana Cain said, you'll want to make different choices based on what you want to do. I would probably follow advice from @Michael Plaks and just keep it as is until you do something. I have no idea if you intend to buy-and-hold, flip, or do something else, but you'll have time to change it in the future.
I also agree with both that you should start looking to work with a tax professional. Even as a lawyer, I can understand why people feel uneasy about working with lawyers. But I have a hard time understanding why someone would not work with a good tax professional. In most cases, you'll save money, time, and aggravation trying to figure out the intricacies of the Internal Revenue Code on your own.
If you want to do more reading on this just for sake of education (which is important), there are probably now hundreds of articles on BP about tax status for LLCs. The articles talk about the difference between the basic choices you have: (1) sole proprietor/partnership; (2) S-Corp; and (3) C-Corp. That should get you started on the education path.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.