Hey guys curious, is it smart to open an llc and rent a room out on my own property just for the tax benefits ? 

What you need to consider is the costs to refinance possibly outweighing the benefit of the lowered interest rate, depending on the time you plan to hold the property.

What benefits do landlords insurance offer compared to regular home owners?

I find most invest all of their money and energy on formulating complicated entity structures and then obtain insurance because their lenders require it, not necessarily because the borrower/investor values the benefits.

It's in a great location and sat on the market for a year, and has the benefit of an extra lot and the transitional zoning, which is hard to find.

Not sure if you're aware that in OC, early June is "Senior Week" (mainly the first 2 weeks), where high school seniors and college groups try to book places to come and party. 

If there are agents and property managers out there who are able and willing to refer properties, I will invest my $$ there and hopefully we all can benefit.  

It's great to have real estate exposure but you're missing a big part of the benefits if you aren't creating equity out the gate.I invest in Detroit where the housing stock is older.

“Am I happy enough with what I can make off of this property between cash flow and appreciation and tax benefits that it is worth my while?”

I just didnt know if that would work for my current situation since the main property I would be making income from I already own...