How and when should I set up an LLC or Family trust?

[Jeff Lundeen]

My market is Utah, but I'm also interested in long distance properties if the numbers work. I understand that setting up an entity is very important to reduce liability and for potential tax benefits. When is the ideal time to set up an LLC? I don't want to set one up prior to having my first deal, unless this is part of the actual deal, because it seems like setting up an entity is a form of procrastinating instead of actually acting on finding a deal. I see the benefit of having the LLC already in place, but I assume that one can be created fairly quickly once a deal is under contract.