I question how much I'm really benefiting from ownership, especially since costs come directly out of my pocket and I have to manage the property and repairs.

Hopefully your old PMC will be professional about the move.Like @Scott M. stated, we've taken over properties from other PMC's that were not professional about the transfer (and many other things). 

-I considered opening up an LLC and transferring the title for my current SFH into it prior to renting it out; but after speaking to my lender it's thought that there is no real financial benefit with doing this, and I personally would still fall liable for the mortgage, as well as legally liable.

While you may not have included the deposits in the offers, that money belongs to the tenants, so if the current owner won't transfer it, have the tenants contact the owner to get it and then give it to you.

Once you buy the property in your personal name you can transfer the title to your LLC, but there are some hoops to jump through to do it correctly and legally.

Normally, the benefits are split according to the percentage of ownership specified in the LLC docs, unless the agreement specifies otherwise.

I'm looking to sell one of my commercial properties (6,300 sq ft) while retaining ownership of the adjacent parking lot (25 spaces).

Hypothetically - this is in Virginia but most states adopted the federal laws   Owner - Grandparent Heir - GrandchildParents - NOT involvedRent collection after death - FriendProperty guardian - assigned If rental property is left as inheritance  to minor GRANDCHILD  - after the death of the grandparent : -to be transferred to the grandchild when he reaches 18 - Deed in place , - to be rented  until then - - the rent to be collected on the behalf of friend , claimed by the friend as rental property for tax purposes, and the friend pays taxes on the income.Question - Is this possible and what will be the issue in this case scenario?

It basically was a wealth transfer to owners of existing OZ property.

In a deed in lieu, the lender agrees to take ownership of the property, and the borrower transfers title to them.