Type of Corporation for Property Management Company

[James Leahy]

Hi All,

My wife and I brought our first investment property back in April.  Prior to purchasing the property we created an S-Corp to put the property under.  When we informed the bank (Wells Fargo) that we wanted to put the property under an S-Corp we were told that they no longer allow it.  The mortgage needed to be kept under an individual. 

We now learned the importance of having a property management company to reduce our liability. Should we use the S-Corp for as our property management company? Does anyone have strong feelings against this? Would an LLC be better? What are your recommendations?

Thanks,

James