newbie llc /first purchase question

[Stacy C.]

Hello, newbie looking to get into first rentals and or flips... have some questions that I'm hoping I can get some advice. I've done a lot of searching and just as soon as I think I have it figured out, I get more confused by something. I do plan to speak to an accountant soon but want to be more informed coming into the conversation. As you're about to see I'm very scatter brained at the moment and trying to ingest as much information as possible! Therefore I have a lot of thoughts & questions!!!

First off, what I'm looking at doing... originally wanted to flip, more so lately persuaded more into rentals. I foresee a combination of both, mostly rentals, with a couple of flips here and there. Currently with 0 rentals, I'm not sure how quickly I plan to grow as I still work a full time job, but would love to quit some day!

I also do some random side work here and there unrelated to real estate (it consulting), ebay sales for home made products, so the idea was to create a general company that covers everything I'm doing, so that I can report it all, get my deserved deductions and write offs, etc. I know paypal will send me a 1099 once I hit 20k and that will definitely happen next year as I plan to ramp up those efforts.

My first thought was LLC taxed as scorp so that I can pay myself a salary and avoid some SE tax. However I then read that that is bad for rental properties (dont fully understand why yet)

Some extra info that I feel may be needed: I'd like to finance them to leverage my $ across multiple properties but I do have some cash saved up to use for down payments, or a cash flip, etc.  I plan to purchase a new home for my primary residence in the near future and dont want any of this to put that financing at risk as well.

So my 2 questions, if i still have your attention:

1. Am I better off with a regular LLC due to me wanting the passive income that rentals will provide me with? Or is an scorp still a decent option even if i plan to buy and hold some? Or neither at this point?

2. If i go the route of an LLC (scorp or not)When purchasing my first rental property.. do I do it under the LLC's name? I read its hard to get financing under the LLC, and that it can be hard to transfer from personal to LLC? Theres a limit of 10 to personal, right? If purchasing under the LLC does the financing still go under my credit? I have over an 800 score and absolutely want to be able to use it to get excellent rates. Does LLC give me protection if the property is under my personal name? Does the LLC lease it out then, even though its in my name?

I feel like some may say skip the LLC and get an umbrella policy, and purchase all myself but that does not help me with my other side work, I'd like to be able to write off some of that stuff under it as well (now im questioning if i even need the LLC to write that stuff off?, like vehicle expense, travel, advertising...this is where the CPA convo will be handy)

3..I guess I need a number 3 to tie it all together.. so in summary am I better off buying everything in my own name, if I hit the 10 limit, do an LLC and transfer to llc (quit claim if the bank allows it?), or get the LLC now and do it all that way? Just want to make sure Im getting the best tax advantages possible, and also the liability protection as well, and setting myself up properly for growth in the future.

If you've taken the time to read this, thank you. If you can provide some information to any piece of it, an even bigger thank you!