So an LLC might be OK - as long as it is a disregarded entity. 

If you go by financial metrics you're essentially filtering what you see by someone elses underwriting while disregarding the property itself. 

If this strategy isn't viable in your market, then disregard.  

Really we need to clarify and say the choice is between S Corp and Disregarded Entity or Partnership.An LLC is like a chameleon... 

Assuming a sole proprietorship / disregarded entity, you'll file Schedule C with your 1040 and pay income tax and SE tax on your net taxable income from the activity. 

The default tax classification of a SMLLC is a disregarded entity. 

Disregard

Typically for real estate it makes more sense to hold investments in an LLC (whether disregarded or a partnership for tax purposes).

@Melanie PendreyIs the LLC a SMLLC disregarded for federal income tax purposes?

Since the LLC is a single member, and the trust is a grantor trust, the structure is considered disregarded for federal purposes, meaning how it has been reported on your federal taxes will remain unchanged.