Transferring ownership to an s corp

[Kimiko Jimenez]

Hi, if me and my partner bought a house to flip without forming an S Corp first and just put it under our names, what would be our problem? And is it possible to buy the property that we are planning to flip under our names and then form our S Corp then transfer the property to our s corp,rehab it and then sell it under the s corp? Or is it better to just form our S Corp first before we even closed on a property?