All transactions and contracts will go through this operating co.A Series LLC - which will hold all rental properties through each property land trust "child" which will be created (after Refi) , and the property will be transferred to the land trust for asset protection/anonymity.

A short back story is a long term friend and co worker and I have been talking for a year about getting in to rentals (his parents own 12).

I am currently living in a house in my college town my parents own (My older brother went to the same school, but is now graduated).

What are the consequences of simplifying the entity formation further by creating the Management Co as a child series of the Investment Entity?

Can I do that or do I need everything under the parent LLC?

Put all my eggs in the real estate basket.Then cost of living increased and my parents needed help financially. 

So perhaps in partnership with your parents, you buy a 4-5 bedroom house. 

We are living in the GREATEST housing 4 profit enviroment EVER in our life times, our parents, grandparents EVER! 

I decided at the beginning I only wanted to rent to people who were gainfully employed (or students that had gainfully employed parents), had no criminal record, decent credit scores, no charge offs or bankruptcies, steady & stable job history, and the like.

Consider partnering with your parents to co-sign a mortgage or exploring creative financing options like FHA loans or private money lenders.