yes, your rental income is reported on Sch E. Rental income is not subject to self employment tax.
in general S-Corps are more appropriate for a business with a high income relative to what a reasonable salary would be for that business. The decision about your business structure should be made On the basis of knowledge obtained by you in conjunction with consultation with your accountant or financial advisor. The site below can be a start for you to educate yourself.
https://www.legalzoom.com/articles/s-corp-vs-llc
