@Tony Manning depending on the county there are programs to help with the costs, but requires tenant income restrictions.

Co-ops, on the other hand, involve owning shares in a corporation that owns the building and can come with more restrictions and limitations on how you can use or rent out your unit.If your goal is to dip your toes into real estate investing as a primary residence before building a portfolio of out-of-state rental properties, it may be a better idea to consider a condo over a co-op.

Since I was a medical student, I've always been passionate about making smart investments for my future, and real estate has piqued my interest for its potential to generate passive income and build long-term wealth.

Is it preferable to transfer ownership to the LLC or consider a corporate lease arrangement for the existing property?

How can I increase income from this property? 

Lots of risk that you can't control and it is taxed as Ordinary Income plus the IRS will see you as self employed so you will pay all of the Social Security tax and perhaps a 2.5% extra tax if you make over $250k. 

I've heard you can designate a family member as an employee and avoid taxes if you keep their income under a certain limit.

Your incomes will be combined when you qualify for the loan, and both your names will be on the deed as “tenants in common.”

You'll pay ordinary income tax.  

Are you talking about what would be deemed as income to determine if benefits are taxable?