A ULC is an Unlimited Liability Company which means the shareholders are personally liable.

If it is a residential property,  lenders are going to want a personal guarantee, most probably from all shareholders.

Shareholders of an S Corp are required to draw a "reasonable amount" of salary.

It looks like you are correct based on the last IRS disqualifed persons rules listed below, since the partners in Company B would be more than 10% shareholder partners in Company A:Disqualified PersonsYou, the account ownerA beneficiary of the IRAYour spouseYour lineal ascendantsYour lineal descendants and their spousesPlan service providers and fiduciaries (including advisors, custodians, and administrators)An entity (corporation, estate, partnership, etc.) in which you own at least 50% of the voting stock, directly or indirectly.An officer, director or a 10% or more share holder or partner.

Before the crash in 1970s he wrote a letter to his shareholders explaining why they were selling off their investments because everything had inflated too much and there were no undervalued stocks.

No, I didn't...I actually decided to go another direction, and have moved a significant portion of my retirement funds into another vehicle that allows me to actively manage the funds and use it for any (active) investing purposes I want.Essentially, I was able to fund a corporation with my retirement funds, and as the major shareholder of the corporation (with my wife), we have full access to the funds to flip, hold rentals, etc.For anyone interested, I use a financial vehicle managed by Guidant Financial, called the "Guidant 401k"...there are some things you need to be very careful of when setting up and managing a vehicle like this, but it allows you to fully and actively manage all of your retirement funds and the investments you use them for (which a SDI plan does not).

Say one of these people wants out, will the other shareholder want to purchase their shares?

Brian,LLCs don't issue stock, LLCs have members not shareholders.

I would think it would be easier to put the property into an LLC or trust and grant different shareholders complete access that way.

are you a partner or shareholder of any kind?