LLC, S-LLC, Corporation? Where to start?

[Noah Jenks]

I've bought and flipped 2 houses over the past few years and now I'm moving into rentals. I'm operating primarily out of the Texas foothill region but will be expanding to Kansas City in the next year. I know I need to open an LLC, or something along that vein, but would love any advice on whether to go with an LLC, S-LLC, corporation, S-Corp...something else? Any and all advice is welcome, thank you!

[Natalie Kolodij]

Depends on what you'll be doing moving forward

I would have 2 separate companies set up 1 for flipping and 1 for rentals. 

They are different types of income, taxed differently, and you can't be strategic with either if combined. 

I would always keep rentals in an LLC either single or multi member if you have a partner.

Flips in an LLC and once you hit about $70k income for a year talk to your tax pro about if adding an S election to that LLC makes sense. Don't start with an S corp - in the beginning it would cost you more than save you.