My question is, should I keep it as a schedule C on my tax report or create a legel business such as Corp. or LLC ?

There are ways to mitigate this tax, by either using a double corporation strategy, discretionary irrevocable trust, or life insurance. 

All entities subject to Corporate Income Tax or Capital Stock Tax are required to complete this form.

I've had a few discussions about the best way to create a plan in order to "snow ball" your way to owning many REI properties (buy and hold for rent).After Googling around and even reading blogs on this site, I've thought about doing something like the following:Buy my first rental property (SFH) with cash (around $60-70k) where I'd expect about $500 cashflow per monthCurrently I have about $105-110k available (after taking out an emergency fund)Then shortly after, buy my second rental property (SFH) but take out a mortgage and put down around 25% on a $60-70k houseThe cash flow on this property specifically would likely break even (at or near 0) but this would be on a 15 year mortgage and I can use some (or most) of the cash flow from the first to help pay down that mortgage faster, along with my corporate job monthly savings tooI feel I could pay it off anywhere from 5 - 10 years depending on the exact strategy If/When I get the 2nd one, then shortly after that, try and get a 3rd SFH rental property and continue this snow ball effect to build up by rental portfolioObviously this is easier said than done, along with risks and I honestly do not have any real experience with rental properties as this is my first time diving into this type of investing.My main questions would be -- Has anyone done a similar strategy to help build their portfolio quicker?

You raise interesting questions re IRS regulations of non-profit corporations such as my condo association, as well as Fair Housing laws. 

This gives us legal protection if someone sued the business as our personal accounts and personal professional corporations are not involved. 

In other investment realms such as corporate finance or stocks, people often use a probabilistic approach where each variable has a range of outcomes that vary along some distribution (i.e. normal/bell curve, triangular, etc).

Because I'm looking to setup a corporation based in Delaware. 

Preface: my employer got bought out by another corporation and we now currently use a different 401K company.

@Melanie HeigesThe cable from Spain to Virginia Beach has been laid underground finally and there is going to be a giant data hub similar to Ashburn VA near corporate landing.There’s tons of develop that is going to create jobs and hopefully make the market boom.They are also building a giant sporting complex near the convention center.