Form LLC to purchase through Private Seller

[Jason Cobb]

What are the greatest negatives (legal, operational, or financial) of purchasing property into an LLC or S Corp, from a private seller under seller financing?

Situation: Multiple properties owned by Seller. Properties are in town where I work and live. Properties are buildings converted to apartments in great locations. B and C properties but well kempt.

Currently have purchased one (strange foreclosure), rehabbed then rented out, and one 12 unit apartment building in nearby town.