The mortgage is currently under my name, so I’m unsure what benefits, if any, I’d gain from using an LLC in this situation.

The technicals (migration rates, job growth, tax situation, debt cost, etc) to work as well.

That means having procedure and protocol for every situation--or at least, every common situation. 

One of my early properties barely broke even, but after a couple of years, rent hikes and expense optimization turned it into a strong performer.For cash flow benchmarks, I usually aim for $200-$300 per unit, but your situation.. house hacking.. offers unique benefits like reduced living expenses and quicker equity buildup.

So just something to think about.I would be looking hard at their financials, and I would look hard at what capex is needed. 

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

That's what I would do in your situation.

Depending on your market it may not make financial sense at all.

Quote from @Tom Hall: My mortgage rate is very high  and I would like to pay some of it off, so that my monthly payments would go down a bit, I dont know if it is financial smart to do it or not?

What you want is an agent with experience who knows how to negotiate, watch your back, navigate difficult situations, understand contracts and law, provides an objective cross-check, etc.