LLCs, protection & taxation

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Hello BP community,

My name is Ryan Gnizak, first time posting on the forums here. I live in Louisville, KY with my wife and 10 month old daughter. Currently I sling product for Pepsi and I am hoping to get my foot in the door of REI.

Now, I'm sure this has been asked many a time on the forums, but I think it would be easier for me to get a specific question answered on the topic of an LLC

I have heard a lot that an LLC is beneficial to form when starting out in REI. What I feel like is my biggest concern is protecting my personal assets & my personal credit, as well as keeping business & personal as separate as possible.

With that I have 2 questions:

1)Would the formation of an LLC be beneficial for me/what are pluses and minuses to forming an LLC? I am hoping to start out Wholesaling, or even rehab if I can get a good hard money investment. With my current full time jobs(my 40 hour work week & being Husband & Dad), I am finding it would be hard to give as much time as I would like to rehab, so I want to start with Wholesaling to get my feet wet, network & learn, while building capital to fund rehab projects as time allows.

2)If I do set up an LLC, is it better (given my interest), to keep the LLC taxation or be taxed as an S-Corp? I have read so many opinions on this and since I am not very tax savvy, I feel like I get bogged down in a lot of people's explanations of taxation. So if anyone can offer a solid layman's explanation, I would greatly appreciate it!

Thanks for reading!