Well worth it and the best strategy to start in my opinion. 

An LLC isn't necessary when starting, in the long term, it may be worth exploring.

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

The market is crazy right now and will be for the next 2 to 3 yearsdue to inflation devaluing the dollar, inflation increasing newbuilding costs.

Not really worth it.

Eventually, Class A property values increased to the point that even increasing rents didn't allow them to cashflow upon purchase.So, the flood of new investors switched to buying Class B properties.

Either way, with rent and price appreciation, tax benefits, holding long term is a net worth exploder.

Some strategies to get around are:1. leverage your current portfolio and buy in cash, increase value, and then refi2. buy Multi-family so your ratios aren't the main factor to lenders3. get in with a lender for high net worth individuals4.

I was chatting with some of my lending buddies at big banks and they are all backing away from the CRE space including office because operating costs are increasing more quickly than rents.

Value and rents should eventually increase to turn cashflow positive and build your wealth.You're next learning experience will be, now that you are out of day-to-day management, how will you be able to handle the inevitable expense challenges?