Should I put my home's title in an LLC?

[Danielle Scott]

I'm looking for my first house and plan on renting out the extra bedroom part of the time - airbnb or traveling medical professionals mainly. Should I consider setting up an LLC and titling the property in its name? The limited liability benefits are appealing but mainly want it for the rental payments. If the mortgage payment and any repairs are paid entirely out of the LLC and the tenant's rent comes to the LLC and not me directly wouldn't this be more tax beneficial? My understanding it that the LLC would be at a deficit and I wouldn't have to claim the thousands extra in rental income and put me into a higher tax bracket. In the same vein, should I pay a lawyer to draft up an ironclad lease agreement for these types of short term situations or just use a standard form found online??