., as long as @Jeremy Schneider and his wife set up a single member LLC that chooses to be taxed as a sole proprietor the activities of the property will still be reported on their personal joint tax return. 

You missed another form of asset protection lawyers love too, bankruptcy, different for sole proprietor vs LLC.

After reading on here I was initially thinking LLC taxed as an S corp but My tax guy says just use a sole proprietor with Good Insurance policy.

Could a new broker do it on there own possibly as a sole proprietor?

As far as regular income goes, wage earners who have been in their line of work for many consecutive years and just so happen to be in a new job can get away with only documenting two bank statements or only one year of W2s while a sole proprietor might have to provide personal & business returns for the past two years to prove that the earnings are in fact legitimate with a strong likelihood to continue for the years to come.Unfortunately I'm not licensed in FL to discuss rates and payment with you on potential financing, probably will be very soon, however i would be more than happy to further clarify or answer any questions you might have.

If you have a contract with a bank that prohibits taking title out of your name and transferring it to an LLC and you do it, a court of law (if you ever end up there) can see the transfer as null and void per contract and treat you as a sole proprietor.

A sole proprietor/ third party PM must have a broker's license in CA.

Persons conducting business (whether as a business entity or sole proprietor) are considered to be more savvy and in less need of the same protections that consumers need.

If you use a state that doesn't disclose the members of a manager-managed, I'd suggest that.An LLC can be taxed in many different ways, as a simple sole proprietor, partnership, C-corp, or S-corp.

John Ryan,Look at this thread: http://www.biggerpockets.com/forums/12/topics/76052-simple-taxation-questions Here is a summary: Are there any significant differences between a LLC taxed as a proprietor vs a LLC taxed as a S-corp?