House Hacking Single Family... Tax benefits/LLC???

[Jack O'Brien]

Hey Everyone, I am closing on a 5 bedroom single family home in Boston in two weeks. I plan to house hack with my friend (we will live in 2 of the 5 bedrooms). 

My question is - What is the best way to "hold" this property? We currently have 2 owners on the deed/mortgage and was wondering if we should form an LLC or transfer the title into a trust so it is not "personally" owned.

Also, since 3/5 (3 rooms and common spaces - kitchen, living room, bathrooms etc.) of this property will be an investment and rented out, what is best for depreciation/tax benefits etc.?

Any advice is helpful! Thanks!

Jack