I prefer single asset entities, but have bought property through my operating entity when the hold term was relatively short.If you are wholesaling or flipping it and will only own it for a short period of time then buying it personally wouldn't be the worst thing (people buy and sell property in their person everyday) but you'll want to at least be aware of some of the potential risks in so doing.If your intention is to hold long term then it might be a wise decision to create a legal entity to take title and operate the property from during the course of your ownership.In addition to getting sound legal advise from an attorney that can help you form the entity (or researching the creation and operation of the entity if you DIY) you'll want to either speak with your accounting or tax professional, or fully understand the accounting impacts of the entity. 

Long term rentals and house hacking are the best proven strategies for wealth creation. 

For lease creation I use Avail.

I've always viewed the "lifetime passive income" thing as more of an end-game. ...and doing wealth creation (flipping, appreciation-type deals) is to me, a good way to create the liquid cash to later invest into those income-producing properties.Oahu is a great market for wealth creation, so I take advantage of that.

I love to study the flows of life and the most basic principle in nature is the concept of CREATION.

If inflation results from all our printing of money and debt creation, how much is the USD going to be worth anyway?

Is there a good amount of job creation happening?

Good summary by @anthony dadlani, You objective is another factor, are you wanting to create a lot of cash to live on, or some cash with main objective mostly /wealth building/ asset creation, retiring early with a lot of assets, cash flow in retirement.

The answer: through creation of JOINT VENTURE opportunities.When I started "opening the kimono" and get people to look inside what goes on in my real estate business, that's when I started doing joint ventures with BP members.

It is possible to create a single LLC which I could manage (without collecting any compensation, since it would benefit me, a disqualified person)Shares of the LLC (which I manage pro-bono) can be purchased at the time of formation by each of the three checkbook SDIRA accounts, in which my wife and I are beneficiaries, even though they are disqualified parties from each other.I'll  assume that ownership has to be inline with contribution amounts, so as not to benefit a disqualified party--i.e. 50k, 100k, 100k would result in a 20%, 40%, 40% stake.If I use only the cash belonging to the LLC to purchase buy & hold investments outright and cover related expenses, I shouldn't have to worry about UBIT and/or UDFIAnnual contributions could go into the checkbook SDIRAs, but could not be used to buy additional equity in the aforementioned LLC--It would have to go towards other investments (possibly the creation of another LLC for another venture?)