But we are wondering if we are better covered if we register an LLC and manage all the rentals under the LLC. 

This strategy often will cover most, if not all of the actual mortgage, while you fix up the other half or life there (in your case school). 

If you really see potential and like the overall quality of the property you may need to get creative on making sure you're covered if the units take longer to lease there. 

Partner Driven financed the Persimmon Lane deal using its own capital, covering the $236,000 purchase price.

Qualifying on rents covering expenses versus your income is a nice feature!

And several I talk with will cover a large portion of the closing costs.

Partner Driven financed the 4th Pl SW deal using its own capital, covering both the $100,000 purchase price and the $73,000 renovation costs.

Partner Driven financed the N 31st deal using its own capital, covering the $80,000 purchase price.

I went on the Thumbtack website  and it mostly seemed to cover home repairs. 

Do you want it to be in a major metro A++ area where it's very nice to live but your other rent may not cover all of your mortgage, or in a small town C area where the other rent might actually make you a little money every month?