Posted by Diane (TX) on January 11, 2003 at 08:47:29:
Hi, Greg. First, your choice of entity doesn’t have anything to do with dealer status. You can ease the dealer pain, though, by picking an S corp. for the flips and lowering the self-empoyment tax hit.
General rule: LLC for rentals, S corp for flips. Read these articles:
Rentals and Flips…can i use two seperate LLC’s? - Posted by Greg
Posted by Greg on January 10, 2003 at 09:12:38:
I already have an LLC but now realize I dont want to end up with IRS Dealer Status (just learning the ropes), so, can I get a seperate LLC to use for my other efforts:
The two efforts are: flipping and long term rentals.
since I havent created the second LLC, do you recommend a better entity? (I’m hoping to hear you say, “second LLC would be fine” 
Thanks
P.S. I could not find your article on “Dealer Status”.