The wording of "pass-thru" may include sole proprietors and regular Schedule E filers. 

I have a real estate business which I file as a sole proprietor with a Schedule C.

LLC's are better than sole proprietors but you can do any of them. 

I am afraid Fannie/Freddie might look at a sole-proprietor LLC the same as your personal holdings.

My experience has been that they have not.One could argue that this proprietor is actually offering a type insurance policy or performance bond.

Here's the question:  I am considering using a sole proprietor d/b/a as the property manager, and these are my reasons:Record keepingSeparate account that wouldn't commingle with other personal funds"Evidence" that the property management is a 'sole proprietorship" possibly removing my husband from that avenue of liabilityD/b/a in our county is relatively inexpensive.  

In the tax world a DBA/Sole proprietor structure  is "you" whereas a LLC, C-Corp, S-Corp is totally separate from your person.  

I'm a sole proprietor so I'm not sure if my personal will be linked to the business line of credit.

Should do an LLC, Corporation, or just a Sole-Proprietor?

@John K. you also have to remember that in NY state their is a $500 annual fee for a corporation and only a $25 annual fee for an LLC.You are probably better off operating as a sole proprietor.