If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

S corporations don't change the character of passive income to nonpassive income.BTW I agree that S corporation tax returns are surely going to be more expensive than single member LLCs treated as disregarded entities.

The individual LLCs become disregarded entities for federal tax purposes, and only the holding company needs to file a partnership return.

Whether it is a partnership or a disregarded entity is a second tier consideration.

That is why rental properties should be held in LLCs, which are, in turn, held by a holding company that either has disregarded or partnership taxation.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

A single member LLC by default gets treated as a disregarded entity for tax purposes.

The single member LLCs are all disregarded entities so don't need their own federal returns though they may need state-level returns. 

However, if you use the holding company approach, the holding LLC will be treated as the partnership entity (since it is owned by the two of you), while the single-member LLCs under it can be disregarded for tax purposes.

Because the Wyoming LLC is the sole member of the property LLCs they are disregarded entities and do not file their own tax return.

Regarding the property management single-member LLC, is it a disregarded entity and did you have to use an EIN to open the bank accounts?