House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.

If not, I would advise researching this strategy.

Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker?  

While your condo snowball strategy builds equity, modest cash flow and HOA fees may limit returns.

Appreciate in advance!

It will give you a 30,000 feet view of real estate investing as a whole for different strategies and will allow you to find new ideas and to explore and see what works for you!

I think you should seriously consider your financial goals and strategies.

The book on tax strategies for real estate investor by Amanda Han and Matthew Macfarland.I read these two books when I first started investing and found the information very helpful.

Thanks in advance.