Here's the plan:Since we each own our own single proprietor LLC (let's call them LLCDave and LLCJoe), we are planning on creating a new LLC (123 Main LLC) for the purchase of this property, in which LLCDave and LLCJoe will each hold a 50% stake.  

@John K. you also have to remember that in NY state their is a $500 annual fee for a corporation and only a $25 annual fee for an LLC.You are probably better off operating as a sole proprietor.

Should do an LLC, Corporation, or just a Sole-Proprietor?

The reason that it needs to be an Sub S corp is that Fannie Mae feels that with an LLC being a pass through type of entity, its virtually the same as you or a sole proprietor.

Any fellow NC real estate brokers make the jump to sole proprietor and no longer with a firm?

- consider your business entity - sole proprietor, S-Corp, LLC, etc...week 16 - look at some properties with a realtor you have chosen.

For every entity other than a sole proprietor you MUST have an attorney represent the entity in all legal proceedings. 

I have a real estate business which I file as a sole proprietor with a Schedule C.

I was thinking maybe opening up a sole proprietor business such as "ABC asset management" and have that be a dba for my llc and myself.

LLC's are better than sole proprietors but you can do any of them.