Or is only an LLC sufficient?

Looking for some input from this vast base of knowledge on the pros and cons of setting up an LLC or S-Corp for my company structure.

They 5 are: Character (reliability, integrity), Capacity (sufficient income or cash flow to service the debt), Capital (the borrower's net worth or how much of their own money they put into the deal), Collateral (the value of the assets that secure the debt), and Conditions (the borrower's situation and the state of the economy or local real estate market).

Hey guys, wondering what the locals think will be the impact of this from, here is the article from IBJ:September 6, 2016Hayleigh ColomboCarmel-based for-profit college operator ITT Educational Services Inc. announced Tuesday morning that it will permanently “discontinue academic operations” at all ITT Technical Institutes campuses.The company has already eliminated the “vast majority” of its 8,000 employees and canceled the fall academic quarter, which had been scheduled to begin this month, according to a statement released Tuesday morning.ITT Educational operates more than 130 ITT Technical Institute campuses in 38 states.ITT Tech announced a week ago it would stop enrolling students, and an Indianapolis charter school run by the companyhas also shut down.The move follows years of scrutiny by the federal education department over its recruiting methods and students’ educational performance, and recent actions that made itineligible to accept new studentswho relied on student loans.In its statement Tuesday morning, ITT called the federal sanctions “inappropriate and unconstitutional.""

The idea that a vacant house has enough equity in it for you (or in your case an investor) to purchase it, paying off the mortgage/mortgages and any an all liens and still have sufficient equity in it makes no sense.  

In couple years we are looking to purchase a house, would it be sufficient for our landlord to provide a letter to our future lender that we paid on time?

Specifically, they will be looking for capital for a down payment and operating expenses and reserves, capability to obtain financing in an amount sufficient to close the deal.  

Lenders in this space tend to create their own form docs in order to sufficiently protect themselves.Title company has a certain set of docs, this usually pertains only to the Title Policy on the property. 

Would the properties need to be free and clear in order for the 1031 to execute or is simply owning, say, 10 turnkeys at $100k each sufficient enough to 1031 then purchase a larger MFH.

Did you have access to sufficient funds to complete the deal?