Yes you can quitclaim the property into an LLC, some title companies can even help you for free with this.

I'd recommend finding a local real estate attorney to assist. 

Even if your error was one that made the lease ambiguous, most states have laws that favor the party that did NOT write the contract (lease).Since your error was not even ambiguous, I don't see how you could fight it.

Quote from @Gregory Schwartz: Keep in mind that if you buy a rental property in your name using a conventional mortgage it will directly affect your debt to income (DTI)My lender said that if I show rental income it will cancel out my DTI and will even help me qualify. 

I can't even reach the owner to see if he'll sell it to me.

Thank you in advance for your assistance. 

Are you working with an investor focused realtor to assist you with your search?

Best long term strategy would probably to take an active role and receive some of the income as "ordinary" income or even payroll for yourself, and the rest as dividends to limit tax liability.

Even if you manage to be the first person in history to maintain the corporate veil of a tiny corporation.

I’m remodeling a house for rental and I’m debating if replace all carpet for hardwood floor, even on rooms and closets.