It can work in very limited situations like this one, where you are just trying to remove yourself from title, but there is absolutely no reason to do so instead of a special warranty deed. 

A cost segregation study was performed on this residential condo in Jupiter, FL purchased in 2022 with a depreciable cost basis of $672,870.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

So, it would just be my partner and me, which limits our options in the neighborhoods we’re comfortable with.

There is a free plan with limited features; the most expensive plan is $319.92 annually or $39.95 monthly.4.

I've helped a bunch of house hackers buy in and around of Alexandria.Most important thing to consider is the unrelated occupancy limit of 4 people. $1,000 a month in general is the going rate for most rooms.

Your losses even depend on number of things like the basis of your earlier property, any additional capex required like HVAC or major repairs, output of cost segregation studies, etc.

I think I am open on exact location as long as the deal makes sense, but I also was to understand all my limitations/STR friendliness of different areas.  

@Unal Baris KancogluTo manage a multi-family property, communicate rent adjustments early, implement gradual increases, set limits, reassess lease terms, highlight improvements, and offer incentives.

Note that if the home is located within city limits, there is a high chance that you will be connected to city sewer lines.