I think it more so hinders/prevents a potential suitor to see "you" as a deep pocket entity ripe for a lawsuit. 

S corps and LLC's (which an LLC can also have S corp tax election)  are "pass through" entities where the business does not pay taxes, the income is passed onto you and your personal return.The liability protection comes from the entity holding title to the property so that any law suits would go against the entity and not you personally (except for cases of negligence by the owner of the entity where the corporate veil could be pierced - there are other means this can happen too).If you are looking to do this as a business and not a hobby, I recommend the entity route and make sure you have more than adequate insurance as your first layer of protection.

You probably should have put the property in a land trust if you wanted protection because an llc is not much protection from a frivolous tenant lawsuit standpoint

All great replies, I'll add that plenty of lawsuits over commissions not being paid.

Doncha think high profile lawsuits involve armies of lawyers on both sides?

He said there is an active law suit against Legal Zoom in North Carolina stating the lawyers aren't really lawyers.

If Jorge (the CEO), who is an expert at technical lingo, didn't correct those, we might have been facing a legal lawsuit in the USA in all possibility!

Most lawsuits on rental properties are related to management.

Sometimes also known as a mother-in-law suite (if it's in your basement.)

Twelve months coverage is an absolute minimum, but in the event of a mass catastrophe, it is very likely your rental unit will be re-built within twelve months.For liability insurance, to protect you from lawsuits arising from insured risks, it is recommended you have a minimum of $1m coverage. $5m is better, but is usually only available with an umbrella policy.