LLC-S info

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Hello all. I am looking into forming an LLC for my rental properties, then I was made aware that it is possible to be taxed as an S-Corp. I kind of understand this method as far as having to pay yourself a reasonable salary and then be taxed only on that, but the question that I have is whether or not you have to follow all the formalities of a full blown S-Corp, or is it the same as an LLC with just a better tax advantage?

Also, my parents have some rental properties, and I was wondering if it is possible to put the properties under my LLC without actually deeding them to me, or would they have to form their own LLC for the asset protection?

Thanks in advance,

Mike