What are my options? Downfalls and Upsides?

[Jeremy Collins]

Ok so here it is, I am looking at a Commercial property that has retail space along the first floor and apartments on the top floors, the building comes with a billboard on top along with a cell tower so there is extra income. My question is, could I set up an S Corp entity and put each property I buy from here on out as its own LLC but under the S Corp umbrella? What are the upsides and downfalls to doing this? I have spoken with Legalzoom and they cannot answer my questions all they want to do is sell me on buying their premium gold package. Before I pay for doing anything like that I need the answers because I don't want to do something now that will ruin me later if something were to go wrong. Also, the building is 99% rented right now the only space left is a 600 sq ft office space that was just recently vacated. The building looks really good, I have my realtor emailing me a confidentiality agreement to sign and then I can get the numbers on the property, so I know what kind of income I am looking at with this property. What are your thoughts, what should I be looking at that I am not seeing at this time?