Is it possible/smart to put a property in a LLC in which co-owner is living in?

[Sandy Pang]

Hello everyone!

I'm just starting out in REI and here's my situation.

- Bought my first investment property with my sibling in 10/2023. New condo in MD. Both our names are on the title. It is a 2br/2ba, he is living in there and we are renting the other room out.

- Here's what I want to do : Create a LLC together and put the property into it. However, not sure if it would provide me with any tax benefits since this property is an investment property for me but a residence for him??

Thank you for your help!