Legal Entity for starting REI

[Patrick T.]

Hey Flippers & Holders/Newbies & Vets,

What is the best legal entity for flipping and holding (for financial and tax considerations)? Is a different entity best for flipping vs holding. In the spirit of "just do it" how soon into your ventures in REI have you set them up? Has anyone found the need to change the entity? BTW my state has no income tax. I'm a sole proprietor.
Thanks for all of the great information!