Thinking through company structure for tax reduction

[Account Closed]

Good morning, BiggerPockets!

First, let me save you the trouble: you are not my attorney nor my CPA and any advice given is for educational purposes only! 

Second, thank you for taking the time to respond. The sharing of knowledge is very helpful to get the most out of paid services.

Here we go!

I bought/buying a rental property to be held in an LLC. The LLC will lease the property to my property management company who will conduct the day to day business. I want to separate the asset as far from liability as possible, both "inside" and "outside."

   That is the short and sweet. Now comes the sanity check before i talk to the CPA in the next few days. 

The property management company; I want it to be S corp for tax purposes. Reason: Me and Partner will take a salary and some shares. The remaining, larger portion, will go to the LLC as a form of distribution and act as passive income for the LLC thereby side-stepping S.E. tax.

       1) Is this smart? By this i mean, am I maximizing my reduction in liability? I'm kind of hoping to leverage privity. 

2) Do i want to LLC and elect S corp OR incorp and elect S Corp? Why?

Many thanks and I hope this is helpful one day to another new investor.

Curtiss