Single Member LLC vs S Corp?

[Daniel Newman]

Hey everyone,

I have a RE wholesaling company (LLC) with a partner that's owned by his entity and my single member LLC. We distribute profits from the wholesaling company to our individual entities (his entity and my single member LLC). My single member LLC is where i put all my personal real estate revenue and i run most of my expenses out of there.

The idea of me converting my personal LLC to an S Corp has come up recently. I know I'd then have to payroll myself and that there would be some tax advantages. If I'm aiming to make $250k-$500k personally this year, would you recommend keeping my entity as an LLC, or converting it into an S Corp? Would you be able to play out a scenario in terms of dollars and how much I'd save with one route vs the other? Anything I'm not considering that I should be? Happy to clarify any info in the comments.

I've researched online but just found generic advice with no concrete answer, so I figured I'd come to the community I've always trusted and who share our RE background. I understand this could be perceived as a basic question. Thank you in advance for taking the time,