LLC, Personal Corp., or what?

[Cole Steele]

I am currently considering buying my first rental property. I just read chapter 16 (getting ready to close) in "The Book on Rental Property Investing" and it talks about keeping a checking account for rent and a savings for security deposits. 

So my question is, at what point do you decide if you should have an LLC or business entity to protect your own personal finances? Do you have that for your first house, or wait until you're more established? Should I be working toward an LLC now before I get a property?

I would like to hear any and all thoughts on this and am open to discussion. Thank you.