Simple Taxation Questions

[Jack Lee]

Lately, because of the large amount of confusing and low quality information I have read online and my inability to access my book collections, I am confused about taxes.

I have the following questions:

1. Are there any significant differences between a LLC taxed as a proprietor vs a LLC taxed as a S-corp? Both are flow through but I have heard a lot of conflicting information about which is better for real estate.

2. Taxation rates? So let us assume that we maximized our deductions and still end up with an annual net rental income of $1000. Do we pay a self employment tax on this? No right? We pay federal and state at the personal bracket level?

3. In addition, would a growing portfolio of rentals trigger the wrath of the Alternative Minimum Tax?

Thanks