Series LLC Entity Structure

[Kumar R]

I am starting out as an investor and have done some reading on Series LLC. I searched in the forums and did not find an answer.

I have seen a setup as follows:
1. abc LLC (Parent LLC)
2. 1 Series LLC "cell" to manage properties - collect rent and pay bills (abc Series A LLC).
3. 1 Series LLC "cell" to flip properties (rehab, quick buy and sell, etc) (abc Series B LLC).
4. 1 Series LLC "cell" per for rental property (abc Series C LLC, abc Series D LLC, ...)

Do you guys know of a book that details how this system functions?

- Would the property management LLC be an C or an S corp?
- I believe the "flip" series would be an S crop. Is that correct?
- The rental property series would be plain LLCs that would roll up into the parent LLC.
- I think the parent and each cell would need separate accounting (bank acct, money tracking, etc). Is that correct?
- How does money transfer between the property management llc and the individual property cells? For example, each month the prop mgmt collects rent, pays bills, charges a mgmt fee, deposit balance into the individual prop account. would this need to be done monthly or is quarterly, semi-annual, or annual okay?

Would the tax returns work as:
There would be 1 return for the prop mgmt series
There would be 1 return for the "flip" series
There would be 1 return for the parent llc which contains individual property series and P/L get moved into my personal tax return

All of this is foreign to me as I am just starting out, so would love some advice or books that can help.

I live Chicago's west suburbs (lombard). If you can recommended an accountant or attorney who could explain this, it would be great.

Thanks all.