New to investing, to form an LLC now or later?

[Tyler Thomas]

I have tried to find an answer to this question on YouTube, Google, and of course, here at BiggerPockets. I have found many answers and suggestions but none that truly answer my question, so I'm sure I'm being too specific.

My question is, should my wife and I form an LLC, or whatever entity would be proper, now before buying our first property or after we have a few properties? We have our current home that we will be staying in for now but eventually rent/lease out. What is the difference other than the legal protection, is the debt:income looked at differently, is there any benefit other than the legal protection which I understand is a big deal, but can we just start buying properties and roll them into a legal entity later on? Is it truly a benefit, or that risky to proceed to purchase before forming a legal entity?