Can operate LLC for a Airbnb business without the LLC owning deed

[Roman Rida]

Hi Bigger Pockets!

I have a Airbnb property with a residential "investment property" loan with Pennymac. I understand that Pennymac doesnt allow you to switch the deed to the LLC and I am wondering if I can operate my Airbnb business under the LLC, just as I would if the deed was under the LLC, but without the liability protection? I own this property with a partner who holds the mortgage note with me 50/50. I am asking because I want to set my wife up with Real Estate Professional Status and I am unclear on wether or not the LLC not owning the deed to the property impacts any of this or if it has any implications on recognizing the revenue generated during tax season.

Thank you for your help!