Advised to Start LLC not TX Series LLC

[Melissa Williams]

I was recently advised by an attorney to open up a traditional LLC to not complicate overhead, accounting, bookkeeping when starting out. While a LLC could be sufficient, I did not want to have to transfer properties to a Series LLC later as I scale my business. I've read a few posts regarding this topic, so forgive the repetition, but could you all shed some light on my dilemma? Below are some criteria I'm considering:

• 1.) I am okay with additional cost of setting up a TX Series LLC, if that means I can avoid a mountain of paperwork transferring properties in the next few years.
• 2.) I am wanting asset protection, but not sure anonymity is that important to me (trusts may not be necessary at the moment, please comment). 
• 3.) I am leaning toward opening separate bank accounts  for rentals vs. flip. Although a rental, could still become a flip. Reason being, I would like to separate the tax implications from the different types of income. Please advise.
• 4.) I was also told that I should never put real-estate into an S-Corp, but how else could I alleviate myself from the double taxation from LLCs? Is there any benefit to having a Series LLC (that owns properties) within an S. Corp (holding/operating company)? Could they each have their own individual EIN?

Most recently seen some great information from local bigger pockets members, Scott Smith and Costin I. Any commentary is welcome! Be advised, I am a beginner in the Dallas Metroplex.

[Rick Pozos]

Hey @Melissa Williams let me ask you the most important question, one that has not been asked yet.

How many deals have you done this year so far?? If you say ZERO, do one or two deals in your name first. See if this is even something that you have time for. There are so many moving pieces that you might not have the time or the desire to manage a rehab while working your 40 or 50 hours at your regular job.

When you have a few deals under your belt, THEN figure out what you really want to do whether rentals, rehabs, notes, whatever. At that time you can figure out your corporate structure.

Right now you are worrying about the color of your Lamborghini that you are going to buy when you win the lottery. Get a deal first. Finish a deal. Get a regular marketing campaign going so that you have deal flow first.