When to form your entitiy?

[Josh C.]

I am just curious to see what experienced real estate investors do in terms of the timing to form their entity?  For example, do most people form their entity prior to their first deal and pay the fees associated with this path?  Or, do investors flip a few houses first (for example) and put the notes/titles in their name?  If choosing the latter, is the assumption that the home owner's insurance is enough to cover any potential issues that occur during rehab?