Understanding Asset Protection Structure Setup with Diagram

[Stuart Gardner]

Hello BP Community,

Being new to the REI World, I am trying to cram as much information into my head on all the different concepts and systems that are needed to be successful. Thus to help, I am putting together a few diagrams.

My first diagram is about the best way to setup an entity structure to protect ones assets and estate. I have taken what I can gather from a few books and my educational background, but with no hands on experience it would be great to hear the thoughts of the community and those seasoned experts. I have also put together a few questions that I am unsure of. 

I do note that a lawyer/CPA would be the best place for advice. 

Questions:

1. The LLC that owns the property, can it be formed in Nevada/Wyoming/Delaware, or does it have to be formed in the State that the property is in?
2. To my understanding it would be best to setup XYZ Corp. as a S-Corp. to start. Is this a correct statement, or would it not work?
3. If XYZ Corp. owns the Property LLCs, and ABC LLC collects the rent money from the properties. Can the money flow right to XYZ Corp, or does it have to go through the Property LLCs first? (After ABC LLC has taken their percentage)
4. Is this an advisable structure? What structure do you use?

Understandable, this entity structure would not be something to start out with. But ultimately I would like to construct a series for diagrams detailing the best ways to structure ones asset protection at different time points. 

Thank you for your time, and I appreciate any input.

Best,

Stuart