Tax Structure for Multi-Member LLC investing through syndication

[Andy J.]

Hi

Me & my partners created a multi-member LLC (lets called it LLC-X) taxed as partnership to invest in a multi family commercial prop via a syndication. We all have equal shares. The multi family unit itself is held under a parent LLC (lets call it LLC-Y). We're told that LLC-Y will be issuing a schedule K-1 for LLC-X for tax purposes.

I'm trying to understand what would be the tax framework in this situation. 

1) Would we first have to file Form 1065/Schedule K-1 of our own for LLC-X with the IRS by March 15? Or can we just re-use the Schedule K-1 issued by LLC-Y instead.

2) Then at tax time we'd file business returns using Schedule E for LLC-X based on the Schedule K-1 from #1

3) And then include details of the same on our personal tax returns

Did I get that right? I've tried to discuss this with a local CPA, but couldn't really get the process articulated well