LLC's

Hey there, I am a newbie investor in New York. I am interested in buying rental properties and doing some flips but not many initially. What is the best entity to set up an LLC or a S corp? Or should I buy a few units first and then set up an entity? I am mainly worried about how the additional income is to be reported and how to safe gaurd any property I obtain from someone with foul intentions. Any advice would be helpful.
Thank You, Howard the youngone

Seeā€¦
http://www.reiclub.com/articles/choice-of-entity
and http://www.reiclub.com/forums/index.php?board=27;action=display;threadid=1885
and http://www.reiclub.com/forums/index.php?board=27;action=display;threadid=1412
for my take on your question.

John Hyre

Thank You John. I did read the articles and forums and it helped very much. I decided however that right know I will wait until I have a couple of properties under my belt before starting my LLC. Thanks a lot