The process of using a HML can be expensive and restrictive but they follow a process in order to protect their investment. 

An LLC is a great way to protect your personal assets from being used to satisfy rental debts.

If you are obtaining owners title insurance without exception to the unreleased lien, you shouldn’t be worried about any of this.Either the lien will be released or it won’t... if the latter, your title insurance will protect you against this item going forward.

This protects your personal assets from being used to satisfy rental debts (ie, mortgage defaults, lawsuits from tenants, etc.)

The purpose of an LLC is asset protection.  

& @Wayne Brooks answered your question - there's no tax advantages, only asset protection. 

I searched for an answer to my question on the forums and online but was not satisfied with what I found (either unclear answers or several years old).If I have an in-law suite in my basement, and I want to rent it out through Airbnb and potentially VRBO and others, am I not adequately protected by the AirBnB Host Guarantee and Host Protection Insurance?

Total Monthly Payments for 60 Months: $1,677.67 X 60 Months = $100,660.20 Balance Remaining After 60 Months: $334,864.68 Total Received: $334,864.68 + $100,660.20 + $1,000.00 = $436,524.88 Total Interest Earned: $36,025.08 Seller is interested in financing this deal, but they are concerned about low down payment and how they are going to protect their interest during this transaction.

When you have all your ducks in line, team set, finances ready to go, assets protected (LLCs structured) and your ready to drop the cash on your first door with the goal of BRRRRing your way to cash flow city — what is the safest, smartest, more strategic way to pull off this very first purchase/buy?

Make a self directed investment where your IRA owns the property and you're tax protected.