Leasing to an Owned C-Corp which then leases to third party?

[Nur Al Sharif]

Hi all, 

I came across an article detailing why a C-Corp should never own property, but should opt to lease it instead. (https://www.thetaxadviser.com/issues/2018/sep/leas...)  This led me to think of a scenario. Not sure how viable this is, or if I'm missing a vital piece of information. 

Scenario: 

I own a multi-family property as an individual (or pass-through LLC).

I lease out the entire property to my C-Corporation, receiving as low as possible (without legal violation) of a rate on it. This would be taxed at individual income tax brackets (for sake of simplicity lets assume highest tax bracket 37%).

The C-Corporation then (sub)-leases individual units to third-party renters. At this level, C-Corporation would pay a lesser tax (corporate tax rate of 21%). 

Am I missing something obvious here? If not, why don't people do this?

Thanks!

Nur