Best entity for HOA association performing property management

[Cindy Holguin]

I am sure I will find the answers to my questions on this awesome forum. Ok here is my situation. We manage a condominium association with 80 units. about half are owner occupied and the rest are either vacant or being rented. We practically manage the rental units for the owners already so we are looking into starting a small property management company to generate more revenue. My question is what would be the best way to do this as far as taxes ? Do we operate under the association and collect rents and charge the homeowners our monthly charge on their monthly maintenance bill or Do we start a new LLC? We trying to figure out the most feaseble way to collect and disburse funds without us having to 1099 the homeowners at tax time