Thanks for your question. So business formation is both a tax and a legal question. I encourage you to talk to an attorney before making this decision. From the tax side there are a couple things to consider.
If you are the only owner then as an LLC you will be considered a Single Member LLC. This means the rental portion of your return goes right on your personal return.
If you have more than one owner, you will have a partnership most likely and will have to file a partnership return which is due on March 15 each year. This will add to your tax preparation fees.
If you elect to have the LLC treated as an SCorp you would have to file a return for an SCorp which is more complicated than a partnership return. As long as you're the sole owner there will likely be little tax difference you will notice, however there are potentially significant legal differences that you will want to speak to an attorney about.
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