I am a mortgage professional who just recently quit working for corporate (Loandepot) and become basically self-employed with a local broker office. 

I would like some feedback on which entity "LLC or S-Corporation" is best to use when flipping properties. 

I am an experienced investor and Real Estate agent (Licensed in MD and NC) that specializes in Short Term and Corporate Rentals - Please see this BP post about my first Short Term/Corporate rental development in NC: https://www.biggerpockets.com/forums/61/topics/385...I see a HUGE untapped market in the North Baltimore - South Harford County areas - Why arent more people taking advantage of the space that they already have in their basements/houses?

Many private investors and hard money lenders will ask you to close in the name of an LLC (or corporation). 

Maybe this will be the start of short term/corporate housing for one side of my new duplex.

Will depend on several factors like the type of property, type of tenants (for you, I suppose, people on the property), your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

Carlos,I can't speak to FLorida law specifically as I am not licensed there, but what I can tell you generally relates to Trusts and Corporate Law.

Your decision will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

This sounds like corporate greed and lobbyists actions might have influenced the voting decisions behind the scenes. 

By accounting file I mean a separate set of books (ie: bookkeeping, quickbooks).There are two separate issues hereAre you complying with paperwork and accounting methods to fulfill your tax filing requirements, as well as minimizing your taxesAre you running your LLC correctly as a business so that the "Corporate Veil" is not pierced.