The 30% tax rate will apply if the LLC is structured as a "pass thru" entity such as an S Corporation or Partnership. It is possible to set up an LLC as a C Coporation, but that is rare for rental properties since the income is taxed twice, once at the corporate level and once at the individual level when the C Corporation pays the individual in dividends
For legal purposes, if you want to limit your liability, then an LLC is a good idea. Tax wise, any LLC that is a "pass thru" entity as described above (most commonly real estate/rental property LLC's are structured as partnerships) the tax laws
are pretty much the same as they are for individuals, since the LLC itself is not taxed. All income and expenses flow thru the LLC straight to the partners or shareholders depending on the entity formed.
As for what happens when an owner or partial owner dies, under any LLC, whether it be a Partnership or any other type of entity, there should be spelled out in the LLC agreement what happens to the person's protion, either allowing that portion to be inherited, or the survivor purchasing the other person's share for either Fair Market Value on the date of death, or any other method that the members agree on.
I hope this helps.