Business Structure for New Solo REI Projects

[Emma Fuentes]

Hi all! Newbie from New York's Hudson Valley here. My husband and I purchased our first buy and hold multi-family (3 unit townhouse) in Newburgh three years ago and are in the process of moving ownership of this property to a new LLC.

Separately, I am interested in beginning my own REI career with a more aggressive income-producing approach [in hopes of eventually walking away from my day job]. Does it make sense to establish a new business entity for these forthcoming projects, and leave the original LLC alone? I am guessing so. And, assuming my properties/projects are successful, any tips for how to structure this to be able to access this income down the line? Does an S-Corp make the most sense here?

Thanks in advance!