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Non profit 501c3 parenting a subsidiary LLC
A friend of mine has a church legally established as a 501c3 and I have been thinking about forming an LLC. I then had a thought while talking to him, what if we used my LLC to hold assists for him, then there could be a tax exemption. My question is, (1) is this possible, (2) what are things to look out for in order to avoid legal battles,(3) is the such a thing as a non-profit LLC? We are wanting to buy homes and multifamily charge rent and use that as income for ministry purposes and also to house missionaries and people in need for and from the church. Would this still be legal or even possible to do?
Thank,
Giovanni