Was wondering if I should start and LLC to begin investing in multifamilies or is it okay to do it without forming a separate legal entity?

Hi there- Currently have an 11 bed student housing unit with 3 entrance doors and 11 separately keyed bedrooms.  

You may also want to include a separate page with instructions for leaving the home clean and offering to refund their deposit within five days or something. 

Here are my questions:There are not separate utilities, each unit has its own furnace and furnace room, how hard would this be to convert to separate utilities?

That means having roommates or living in a split level where you rent out the basement separately.

Since you mentioned taxes separately, are those on top of the $650 per month expenses?

Fully Rented Apartment ComplexAsking price: $2,135,000Annual returns: $213,000All 1 bedroom units are rented for $725 and all 2 bedroom unit $1,150 All units have their separate electrical meters and operates by a water well system.communal laundry roomall roofing is brand new!

If then 7 months later (with no advertising etc bringing them together) FunkyRabbit LLC is a separate legal entity.

Back Story: When i separated from my husband we agreed that he would keep the house....fast forward 3 months later and I discovered that he could no longer afford the house because it went to foreclosure and dumped the house on me.

Q: If I want to do multiple fix/flips and own several rentals, Should I have an LLC, and a separate S-Corp, with rentals in LLC, and Fix and Flips in S-Corp?