I can't move this property to an LLC as the condo docs refrain owners from owning in LLC. 

If they could afford to own houses they would own the houses but they can't. 

I've owned student housing as far as 4.1 miles from the University of South Carolina campus.In my experience, the only reason kids would live that far away is cheap rent.

This is a house that I’d tell others to run from, but since we already own it we’re just trying to determine best options.  

I would just be careful hopping back in now as interest rates and low inventory are making it very difficult if you aren't finding your own off-market options to buy.

This LLC has you as the managing member and 80% owner and can purchase investment real estate of your own or with other partners.

Like I see how it could work in a perfect world but i cant wrap my head around the idea that I could be making a profit if I still don't actually own the house and still have to pay down all of the loans.

Of course, you would need to do your own research and due diligence when purchasing a company but perhaps that's a way to get involved in the trades in the owners seat.

@Robert QuirozIf the owner already owns the property without a loan they can cashflow the property even if rents are below market.

They are forced to be there so in a lot of instances you are trying to find the best candidate amongst the vast pool of bottom feeders who already have proven to be such.