Renting out properties as an individual or a business?

[Spencer Herrick]

I'm in a position to purchase a property at any time, just waiting for a deal to pop up within my purchasing budget. Here's my question:

Rent as an individual or as a business? I know that a lot of expenses can be written off if I start out as a business (probably an LLC), not to mention the whole "pay yourself first" concept. When I'm ready to pull the trigger, I'd like to have everything in place. However, it may not be for another several months before I make a purchase. Is it okay to start an LLC now, even though there may be no business activity whatsoever until I make a purchase? Perhaps I should wait until 2018?