You will not report rental activity In your schedule E again.If what you have is a  single-member LLC, then you will still report the rental activity in your schedule E as you did before because single member LLC is disregarded for tax purposes.

@David Zheng"Salary" you pay yourself from a sole proprietorship or disregarded entity is just a non-deductible owner distribution.If you need earned income for Solo 401k, IRAs, etc, might be best to set up a Corp or LLC PM company and elect S status as @Ashish Acharya mentioned. 

If it is a single member, then by default it will be disregarded by the IRS unless you elect to have it taxed as an S or C corp.If it is a multi members LLC it will be by default seen as a partnership, unless you elect to have it taxed as an S or C Corp.Depending on the status you choose, your state tax treatment will be different too...

@Mike StadelI'm assuming the LLC is solely owned by you and has the default federal tax classification of 'disregarded entity'.If this is the case you would not file a 941 as the owner of a disregarded entity is not and can't be an employee (i.e. can't issue himself/herself payroll and W-2).The only way the LLC could accomplish this is by making a C or an S election."

LLCs can choose how to be taxed – either as a disregarded single member entity (where the tax reporting flows directly onto the sole owner’s personal return) or as a multiple member partnership.

Rental income is shown on sch.E which is not subject to social security taxes (like FICA) but all the other taxes.When you're renting property vs owning, you can't depreciate it but your rent payments are totally tax deductible (vs only interest on mortgage is).Insurance: you'll have to get Tenant or renter insurance which protects the property and your liability if someone slips and falls, set building on fire etc. this is not your professional insurance - just regular insurance you have for your home.I don't see how kind of entity will affect the taxes: if it's just you the owner, LLC will be disregarded entity and shown on your own taxes, only on different schedules.

I had one where we had a double lot and the appraiser disregarded the second lot.  

An LLC is a legal entity that doesn't exist at the federal tax level.An LLC can be taxed as a Disregarded Entity, Partnership, S Corp, or C Corp based on number of members and elections made.An S Corp is a federal tax status (that many states also follow) that doesn't exist in the legal world.An LLC taxed as an S Corp vs a corporation taxed as an S Corp is the exact same at the federal level (there are potential state differences).

Thanks,RayNothing will change on how you were reporting.SMLLC is disregarded for tax purposes, so you will still report everything in your personal schedule E.

If your LLC are single member disregarded entity, they don't file any tax return as they are directly entered in your personal tax return.