The only reason for filing would be if one were to get audited, the IRS would want proof that your child is an actual employee of the business.

high risk of being audited.

The servicer/lender has its own audits to contend with, and a stranger paying your mortgage raises a flag to your servicer/lender inspectors, and puts the onus on the institution to show that you and your LLC are jake.

If you're self managing, I would charge myself the management fee so it's all clear and itemized for his auditing.

If you make losses year after year IRS will audit you and question CPA.

While brokerages can utilize an s-corp, an individual agent electing to is incorrect, and will owe the back taxes and penalties on audit.

I read a case about a guy who advertised his rentals and four years later still hadn't rented them out, but was deducting the expenses all along (can you say AUDIT?).

I was once audited in connection with book publishing revenue and while there was zero change to my return it was not fun... and it was expensive. 

@Ron Vered  I have been audited on this before... ( it was actually for the go zone properties I bought in Mississippi post Katrina).. 

They asked us for it back, we saidwrite to us so that we know who to pay and have an audit trail.