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S-Corps cannot use special allocations or make partnership elections, etc., so you are more limited, but at the same time you're not subject to self-employment tax on rental income anyways with a partnership, so typically I'd suggest a partnership other factors held equal.
Your services are a deduction for the partnership, and income to you. Your taxable income should go up and your partner's should go down. It sounds like a W2 would be appropriate for wages, but if you use management fees and a 1099-Misc, that is also common if appropriate.
Your income, or management fees, derived from the partnership could get run through your own single-owner S-Corp to save on self-employment taxes, but I doubt this would be worth it unless you were also managing other properties and were darn sure you weren't properly considered an employee of the partnership.
Thank you for your question.
The deduction is easy... just record it on the 1065.
The W2 and/or 1099-Misc is appropriate for someone that is working for / contracting with a partnership, S-Corp, C-Corp, etc., even if 100% owned in the case of a corporation. I personally give myself a W2 each year as a shareholder employee of my 100% S-Corporation, even though all the other income flows through to me too. Why? Employment taxes and, in the case of states, employers' unemployment taxes as well.
Remember, you recognize income while the company takes a deduction, so the overall effect is a wash from the IRS point of view, income to you, and a deduction for your partner(s), so long as it is done in an arms' length transaction and not a tax avoidance scheme...
There is no benefit to you (save more income for your work). The tax benefit goes to your partners and to the IRS. There is no choice in the matter.