I am a CA RE Broker who has done loans for decades in CA. 

Returns look good on paper but the kind of tenants those homes will attract will eliminate your cash flow.Invest carefully.

Additionally, I’ve been wondering if it might be possible to create an LLC, rent my house to the LLC through a formal contract, and then have the LLC operate the Airbnb.

Be careful of investing based on existing relationship.  

They don't care about the cash-flow, The write-off's are profitable and there looking at the out-sized equitable gains. 

Quote from @Charlie Martin: Hello, I’m hoping to buy my first property next year, and am wondering if I should create an LLC to do so.

Or they have jobs that won't allow them to commit the time.Therefore, partners who write checks into real estate deals cannot use the wonderful passive losses created to offset their ordinary income from their job or business.But what if I told you there might be a way to use leverage and depreciation even if you aren't a pro?

She's a wonderful person and is successful in the STR space in Pittsburgh.

One lesson is careful to be swayed by U tubes and claims .

In my limited experience, HML may not care too much about your credit but they will care about your, presumed, lack of experience.