I always suggest LLC (Limited Liability Company) to anyone that is in a high risk business such as Real Estate, were the landlord/owner is liable for the actions/injuries that takes place on its property.
For guidance in business entities, you should really consider discussing this with your lawyer and accountant. Why? There are a couple reasons I say this:
1. They’re in a better position to examine your financial, tax, and legal ramifications then someone who really doesn’t know your current situation.
The $100.00 hr visit to talk with an attorney/accountant may be worth it if in return it prevents you from making an uninformed decision that can cost you valuable time and money.
2. LLC's are governed on a state level so the rules and limits varies. (Not all businesses can even become a LLC)
Hope this helps!