Combining Land trusts, LLC's and income taxes

[jim790]

Hi I'm new to this great site!

We (wife and I) own 15 sf's in Wisconsin. 10 of which have mortgages. They are all currently titled in my name. I have decided to put them in a total of 5 LLC's, 3 props in each. Both my wife and I actively manage the props, so we are both members of the LLC's.  I contacted the lenders, and they refuse to allow me to transfer the props into the LLC's because of the DOS clause. I have since decided my only other course of action is to put each prop into a land trust or living trust, then make the LLC's the beneficiary of the trusts. I realize this technically still violates the DOS because I am no longer the beneficiary.  

Questions....

1) Income taxes: I currently report all my rental activity on Schedule E's. Am I correct that an LLC operated as a husband/wife 2 member LLC will still be treated as a single member (WI is a community state), and allow the income to pass through, thus allowing me to continue filing schedule E's? Will I have to file 1041's or something else for each trust or can they be passed through also?

2) Any comments putting each prop into a trust, VS putting 3 props to a trust?

3) If I am listed as a grantor and trustee, What if any is my personal liability? I see that some suggest making an LLC a trustee? Is this overkill? Any comments on this?

4) How do I find a WI attorney or accountant that is knowledgeable in these areas?    
       
Thanks for any comments and help!