This property is in Illinois.If it's their swing set are we liable if anyone gets injured on it?

If you know that going into the deal, and anything goes wrong and somebody's child gets injured, you're going to be named in a lawsuit and/or be on the evening news.In my opinion, it's not at all worth it for 400 bucks a month.

We went through a rough patch when I was injured and was on disability and could not afford all the bills we had.

Besides loss of control over when and how you make capital and routine maintenance expenditures, there's additional insurance you need to consider.For example, if someone seriously injures themselves within a common area, and the judgement is over whatever liability the association carries, YOU will get assessed your share of the extra dough.

I should have mentioned in my original post:  Landlord insurance agents have told me that the std landlord policy does NOT cover uninsured workers who are injured. 

EX: allow a staircase to degrade and handrails to get lose over time, etc with tenant complaints (or not) and you don't fix it and someone is injured - you WILL be found personally responsible.

If someone injures themselves and sues, they will be suing the LLC and not you personally.

The general contractor was injured 2 weeks into the start of the project, always have a back-up contractor on call.

You won't have limited liability on the house, meaning that if tenants get injured on the property you could both be personally liable. 

You are just doing your job making sure all is in order and there is no injured or dead person inside etc.