If your LLC is for another business, then don't make any changes regarding the LLC banking accounts.If your vacation rental is held in your own name and you are operating as a sole proprietor, there is no need for a separate EIN for the vacation rental activity. 

Hello everyone, I’m new in here I have been watching and reading about the investments on podcasts and the forums I want to start on this journey and my question is if I start buying for the benefit of cash flow of rental properties how different is to start already with an (LLC) versus sole proprietor, what I’m trying to understand is can you benefit the same of taxes laws on both or not?

Hello everyone, I’m new in here I have been watching and reading about the investments on podcasts and the forums I want to start on this journey and my question is if I start buying for the benefit of cash flow of rental properties how different is to start already with an (LLC) versus sole proprietor, what I’m trying to understand is can you benefit the same of taxes laws on both or not?

I run them as a Sole Proprietor but I keep all my banking separate and run it more like a business.

There are many investors here i am sure that do not have the business under an LLC and are considered sole proprietors. 

The reason it works is that a single member LLC filing as a sole proprietor does not file it's own tax return.  

So do you mean I should operate as a sole proprietor?

If someone is going to sue you, it doesn't matter if you are operating as a sole proprietor, LLC, S-Corp, Partnership or Corp. 

But on the Legal side of it, Do I need to meet with an attorney, Do I need to file for a business entity, or should I just do my first deal sole proprietor, and how does that effect my taxes if I do a few deals that way and then move to LLC later?

The same expenses are deducted as a sole proprietor than as a member of an LLC.