Owning an investment property- do I need an entity?

I'm in the process of possibly purchasing my 1st investment rental property (non-owner occupied). Someone brought to my attention to create an LLC to protect my asset in the case of a law suit. There is currently a tenant that lives there and I would be collecting rent. What are your recommendations/thoughts? Shouod I create an LLC immediately after I purchase a property or down the line when I have more equitity in the property?