Get your taxes done using TurboTax

You have a lot of questions that you need to sit down with a local tax pro before you do anything to see what your state rules are on LLC filings.   Unless you incorporate or are in a partnership, getting an EIN and register with the state will mean nothing as far as your tax return goes.  All those incomes will still be reported on the Sch C or Sch E.   What you really need to do, to CYA, is have a really good insurance policy for the rental.  An LLC designation will not save you from a lawsuit.  

 

If you do incorporate then you must take a resonable wage and file payroll tax reports quarterly... this may not be in your best interest.  So seek local guidance on all your options.