Since you're still living in the property, you might be able to house hack and keep the lower owner-occupied tax rate—worth confirming with a local tax advisor.

It's worth investing a few minutes or few hours finding out when so much is on the line. 

I would say the home is probably worth around 575-600K.  

So take that for what it's worth.

Depending on the size of your portfolio and what you're doing in real estate, it may or may not be worth it setting up all these entities.I don't run any other businesses. 

If we are losing money every year, but do plan on holding on to it long term, with our goal being appreciation of the market and someone else paying a good chunk of our mortgage, is this worth doing on any level? 

Double-check the ARV by comparing recent comps in the area to make sure the numbers add up.Run your numbers again with all costs (purchase, rehab, holding, and resale) to confirm the margins are solid.

I put in total $70K and it's worth $100K now.

When I find something worth pursuing I'll definitely reach out! 

Worth it.