Legal and Tax Structure - Residential and Commercial Real Estate Portfolio

[Christopher Perez-Tirse]

I have been going through tons of these forums and I have not been able to find the exact answer I need. I am trying to find an ideal tax/legal structure for a blend of a Multi-family and commercial real estate (warehouses) portfolio for long term rentals. It is clear that the ideal legal entity is an LLC based on my research. I am partnered with someone so it would be a multi member LLC (taxed as partnership). However, I am trying to figure out if I should separate commercial buildings from multi family buildings into two different LLC's. I am in Florida so a Series LLC would be a little more complicated. Is it best to have the commercial business separate from the multi-family? If it IS better to separate, is there a way to get it so that you have a parent company owning two subsidiary LLC and only have to file one consolidated group tax return?