| I personally don't like this set up, because, income from the Real Estate is usually considered passive income not subject to S/E tax, whereas the 1099-Misc is considered Active income that is subject to the S/E Tax! Thus, taking a distribution and treating it as a 1099-Misc is subjecting you to the S/E tax.
Further, I am not sure that this is best course of action assuming you continue with this set up. You really should be taking a Corporate Salary instead of a distribution as a 1099-Misc.
Also, I am not sure why you would be holding passive income in a Corporation and subject your corporation to the Personal Holding Company Tax! It would appear that you meet the criteria of being considered a Personal Holding Company as your adjusted income from Rents would be more than 50% of adjusted ordinary gross income!
In short, I strongly advise you to contact a CPA who is very experienced in Real Estate Practice, to review this set up with respect to the tax aspects of this deal. | 
