Entity Structuring with S Corp and multiple LLCs

[Scott Everhart]

I was thinking I need to evolve my entity structure approach with my real estate business. My wife and I have an S Corp that holds our properties today. We have properties in IL and TN. I'm thinking I need to add some LLCs to my overall Entity Structure plan. Is it correct to have the LLCs owned by the S Corp and then move the properties into an IL LLC and a TN LLC? The S Corp would then own no property directly. Just owns the LLCs. Any thoughts or advice here? How should I set up the LLCs so I don't have to do tax returns for them but let everything flow to the S Corp for tax return handling? Anybody else deal with this type of structuring? Pros or Cons?