Need help moving forward with incorporating and structure.

[Mike Dawson]

I'm a little stuck and could use some opinions on the matter. Every article or post I read seems to contradict the last to some degree, and each answer seems to create 2 questions. I am under the impression that forming an LLC would be beneficial for the following reasons:

1) Access to business credit and the different products available(I know they're more expensive, but I like having options),

2) "Legit" business appearance(perhaps that will help with PML/HML, or any situation where someone/entity only wants to work with recognized businesses),

3) Asset protection,

4) Lends to better bookkeeping, keeping personal and business separate.

I was almost sold on a WY holding company, with child companies in my home state(NC) where I will be operating. Then further reading showed that structure might not offer me additional protections over what I could get by just having that structure in my home state where I will be doing most of my business. Then, more reading seems to suggest that since I have no assets to currently protect, a parent/child LLC structure might be unnecessary, and even a single LLC might be.

My business plan is to buy/hold a mix of rental types, moving toward apartments when I can. Fix/flips, wholesale, and PML/HML(with an SDIRA/solo k) are also possibilities. My friend has rentals, and we've spoken about partnering on properties here and there.

If I set one LLC up now and run all business through that, is it possible to "convert" it to a holding company later if decide I need to? It would be nice to have some good credit built up instead of having to form a new one and start over.

Thanks for any insight.