For currently licensed real estate brokers, holding an ACTIVE CalBRE MLO license endorsement means that (1) you hold an active MLO license endorsement as a sole proprietor or (2) you are employed as a broker associate by a properly licensed real estate broker which holds an active MLO license endorsement as a sole proprietor, or by a licensed real estate corporation which holds an active MLO license endorsement.

To get a business account setup with a bank, would that require an LLC or sole proprietor or anything.

@Cara Lonsdale, well since this is two months old we'll not call it hijacking :)If the LLC is a disregarded entity (it doesn't file a tax return and chooses to be taxed as a sole proprietor) then the LLC and Joe Smith are seen by the IRS as the same tax payer for 1031 purposes. 

Since you are operating the rental as a sole proprietor (no business entity involved) comingling funds is not an issue.  

@Michael CreamerYou can write off expenses for rental property as a sole proprietor and should be filing IRS schedule E.

I think if you are an S-Corp or LLC you can pay yourself as an individual outside of that entity or pay the entity as the one who conducted the work (especially if you are the only owner), if Sole Proprietor just make sure you keep detailed records. 

I currently work in online retail and have owned my own business as a sole proprietor for almost 4 years.

Its one thing to deal with a for real company but a single proprietor it just screams wholesaler with no money.

Remember an LLC is a state designation so you would be classified depending on the setup...i.e. single member LLC (sole proprietor), multi-member (partnership), or corporation (s or c if elected).I am not an attorney and this is not legal advice.

But it is not worth the cost of filing of you have a sole proprietor LLC, according to what I was told.