You still cannot benefit from pass through depreciation and carry forward losses to offset tax liabilities from their active source of income. 

there are prospective tenants who would be great using your property within their own business model, but just make sure you understand the insurance and liability implications of this.

I'm not an attorney, but have faced similar issues to what you are discussing.Seems like anything that includes you personally, not as a manager, officer, etc, opens you up for liability. 

You are looking for a specific product and you have a situation that creates more liability for a lender, so it's going to be more costly no matter how you slice it. 

I work with many investors like myself who have US tax liability - knowing I can create an act 74 project in PR where 30% of my investment is given back in tax credits makes it extremely desirable for someone like me, since running short term rentals is something I was doing for over 12 years in California with no tax benefit.

In my county it's a one page form, takes about 2 minutes to fill out and they charge $15.However, limiting your liability is much more complicated than simply dumping a property in to an LLC.

Similarly, if your insurance is escrowed, when the policy renews they may also be alerted to the change.If you are looking to lower your Liability by this change, have a discussion with your attorney about the things that need to be done to avoid someone "piercing the veil" of the LLC. 

Will this expose me to liability?

The liability is there - held in reserve until a certain lease is 'closed.' 

Quote from @Patrick Idowu: Every lease should include a "joint and several liability" clause that says every tenant is 100% of the terms, including payment of rent.