Choosing between S corp, C corp and LLc's to start our business

[James Herring]

Hello,

I know this has probably been asked a million times but I could not find anything in the forum so here goes.

My wife and I refinanced our first rental in order to purchase our second. We are in the finishing stages of the rehab and will be placing the property up for rent shortly.

My question is should we start an S corp with child LLC's for each property or start out with an LLC? The first property has a mortgage in both our names and the second is free and clear of any financial liability. It would be easy to place the second property in a LLC by quick claim deeding the property to the LLC prior to refinancing for our third property but the first would require a little more legal finesse.

Thanks for any suggestions in advance,