Should I star an LLC or S-Corp for a House-Flipping Business?

[Dennis Soto]

Hello all,

I recently lost my day-job due to COVID-19, and I'm considering going full-time investor in. My strategy is to start a house-flipping business in New Jersey to gain capital and once the house market settles (or I build enough capital) buy-and-flip hold properties that will cashflow substantially. I know that for buy-and-hold properties, the best entity to protect your assets is an LLC. However, I've heard that for short-term RE (such as flips) its best to have an S-Corp entity (for tax purposes).

Is this true? 

Can you please explain why or why not?