Business type for owner occupied rental property in Illinois?

[Boris Le]

Does anyone have suggestions of best business type for owner occupied rental building in Illinois? Like S Corp, LLC, etc.

I would like to protect myself in case of any legal issues and/or have a business deduction from my yearly taxes.

I am clearly completely new to this and I am not sure if I should contact a lawyer or accountant but I wanted to get some general feedback from those of you with experience. Thank you.

[Rob Hayes]

Great advice from @Jonathan Klemm and @Brie Schmidt.   I'd certainly recommend talking to a CPA and an attorney but also remember that those people are in the business of selling you on those products (that's how they make a living).  For someone who is just starting out I love the idea of getting an umbrella policy.  The average person starting out has very few assets to protect and it's really expensive to set up and maintain those entities.   You may be spending half of your cashflow on your entity!