Legal structure advice needed

[David Rocci]

What is the best legal structure for an investment team that will be flipping a little and holding some properties to rent?

I've read about the series LLC and the importance of assigning a separate LLC to each property but in my state (IL) that can become costly. The initial filing fees for an LLC are $500 plus a $250 annual reporting fee. A series LLC charter is $750 to start, $50 for each certificate of designation (for the series names) and I can't tell if each of the series has to pay the annual report fee or if its just another $250 for the main LLC.

There are 3 partners in this group. One finance guy, a birddog and a construction supervisor. We hope to do 10 properties over the next 18 months.

I know that an LLC can make the designation with the IRS to file as an individual or as an s-corp. Any suggestions on the best tax status with the IRS if I go the LLC route?

Any suggestions are appreciated. I've consulted one lawyer already and with the extent of my questions over the phone the guy asked me to come in for a consultation and he was going to charge me.

Thanks!

-dr