owner occ quad deal help

[Robert Lorenz]

Ok got a potential live-in deal that works on paper but the BP rental calc says it's no-go.

4 3/2 1070sqft each rents @780/mo tenant pays bills

HOA pays water and covers landscaping $600/mo (in an apartment-like community)

units include appliances w/ washer & dryer, and all have new water heaters. 2 units have been rehabbed, 2 have not but are livable. 1 unit empty (I will be living there) so GSI if I live there is 780*3=$2340/mo

asking price is 300k,

so with 3.5% FHA that's 1550 PI +262 tax +140MIP +165 Ins. leaving me about 200 positive to bank for maint/capex and living fairly free. And there's a fat upside to those rents as leases expire, because those are WAY below market for that area (about 300 a month each).

Sound like a deal, or am I missing something?

ALSO can I put this property into an LLC or trust if I live in it? I'd like to structure the deal as a business so I can protect the asset and receive tax benefits, and so I can just be the "property manager" to the tenants and not "the owner who makes the decisions".

Thanks :)