So my question:Am I understanding correctly that if I do rehabs, flips and wholesale deals AND if I own any rental property, that I would want to establish an S-Corp for the rehab/flip/wholesale business and then create individual LLC’s for any other passive income rental properties?

The background and context to this story must be understood.Here's the problem and here's why the government stepped in to regulate.

The other problem is I am not totally trusting the "...finding out how much they will be able to pay..." part how it can really be established. 

@Johnothan Edward Layne  Some states/provinces have restrictions on how much you can increase rents by and they regulate evictions. 

The government has some other regulations so make sure she is doing everything through her IRA custodian. 

Feels like the pandemic risk is just the first domino to fall followed by turbulence in credit markets, inflation and regulation.

Anything collected after closing is yours, so I would insist that you keep the 5 days of rent and not have to give it to the seller after closing.You need to establish on the first day you own the property that they need NEW leases and deposits, that the pets are not ok (or are with a fee if you want), and be strict. 

https://on.mktw.net/39GiJIZ Check out this article from MarketWatch - These mortgage borrowers will be ‘the first canary in the coal mine’ for a coronavirus-fueled foreclosure crisis, regulator saysIt seems to me that Corona May impact the real estate market severely depending on if the virus can be slowed down by the heat.

Regd fundrise - are they regulated?

Hit your network of friends, family, and service providers (your CPA or estate attorney might now folks with cash to spare looking to park it in real property during these times).This is one of those times when having networks of people who know what you’re doing and already established is super helpful, but if you don’t have those, then now is the time to start building them!