Could also just wait and do my second property as a commercial and start my LLC with the second one and eventually move the first property over.Business's appear to have better loans than personal loans and better tax benefits than sole proprietor, which is the main reason why I am entertaining the idea of starting a LLC.Can I hire myself in a S Corp as a property manager and pay myself 10% of the rental? 

@Anthony CaramanicaIt's more a deduction and less an exemption.The 20% QBI deduction is available to both sole proprietors and passthrough entities. 

I read that doing nothing will result in being taxed as a sole proprietor so I'm leaning towards electing to be taxed as a corporation.

Jaysen is correct, but some private money lenders are changing how they view sole proprietors without an LLC. 

I am a bit confused, as I have read contrary statements as to what is required to be a sole proprietor in FL.Next step for me is to register a business name. 

Change the filing of the LLC to sole proprietor. 

If you are the sole member and it elects to file as a sole proprietor so it doesn't file it's own tax return then that LLC would be a disregarded entity. 

Ok I selected:tab 1 Identity pg 1 sole proprietorship, pg 2 sole proprietorship, pg 2 started a new business tab 2 Authenticate pg 1 name, ssn, I am sole proprietor, pg 2 address, phone, mailing address different - no, pg 3 trade name if different, start date December 2018tab 3 details pg 1 highway motor vehicle 56k lbs - no, gambling - no, excise tax - no, employees W2 - no, pg 2 what organization do .....Real Estate - Renting or leasing real estate, managing real estate, real estate agent/broker, selling, buying, or renting real estate for others. or Wholesale -Wholesale agent/broker, importer, exporter, manufacturers’ representative, merchant, distributor, or jobber. ?????

You can always do business as a "Sole Proprietor"However buying tools and supplies before you are in the business may not be deductible.

Damian, if you are the sole-member of the LLC, you are classified as a "pass-through entity" by the IRS, meaning you will be taxed as if you are an individual/sole proprietor unless you elect to be taxed otherwise (e.g., as an S/C-corporation).If you are going to be financing the property and not paying cash, it could get a bit muddy if you transfer the property to your LLC.