Getting set up to buy and sell notes, do I need an entity?

[Steven Lipschultz]

I am preparing (with the help of PPR Note Academy) to enter the non-performing note business. I plan to start fairly small, with the purchase of just a few notes. This looks good on paper, but of course I may turn out to be grossly unsuited for this kind of work. Hence the small start.

I have owned a couple of rental properties for some time, and I have never set up any kind of business to deal with them; I just report them on Schedule E of my personal return. So I assume I could do something similar with the notes at first.

So two questions:

1. Does anyone have any thoughts on what kind of business entity, if any, I might consider for this, and..

2. If the answer is some kind of LLC, would it be appropriate to include the rental properties under the same umbrella?

Thanks for any and all info,

Steve