Owning family real estate in an entity rather than by individuals is a great strategy to enhance management and value of the property. The choice of entity depends on circumstances unique to the family and the real estate.
Limited Liability Companies (LLC) are very easy to create and the governing document, the operating agreement, can be a powerful tool managing the company and property. But there are also requirements to do reporting with the state. Trusts are private, which can be a huge draw and they can also be tailored to the family. Still, they may not afford the same benefits of LLCs and many family trusts fail in that the real estate and other assets are never transferred to the trust correctly.
It's important to work with an attorney and carefully determine an entity that best supports the family and the real estate. This requires team work and learning more about the law and taxes. The payoffs are invaluable.