Even if he/she doesn't have the money to help you close, can offer them 3-5% equity to help guide you through the management of the asset. 

You are required by both state and federal law to remediate any lead-containing products (paint, putty, etc) and obtain a de-leading certificate.If you have a handicapped tenant or applicant, you may not refuse to rent a unit to him or her.

@Franka Hauck - You most likely couldn't put the rental portion into an LLC while keeping the primary residence portion in your name unless the property is split on the deed, or it is setup as a co-op or condo type situation.Keep in mind, the purpose of an LLC is asset protection.

Sell your house it’s a liability not an asset.

When do we transfer the title to the LLC so that we protect the liability of our assets?

(Ideally I would see cash flow in order to pay off mortgage quicker or use the money to obtain other properties).

You will then have to foreclose when the tenant buyer doesn't pay you.Why would anybody relinquish control of a $345,000 asset for $100?  

You've traded 'asset protection' for limited financing options.If you don't care about getting spam e-mail the rest of your life, try lending tree or quicken/rocket mortgage maybe just to see.

Do I need to separately enter it as an asset to be depreciated?

That way you would have some of the 457 available for distributions but also have the ability to diversify the IRA into other assets.