I put together a spreadsheet here to help potential house hackers quickly analyze whether or not a property qualifies.

Hello @Trent TibbittsThe key to this equation is a qualified property manager in the area.

Anyone who doesn't know what they are or has never used one is not someone qualified for your project. 

It may be smart from a legal protection standpoint (and you should definitely discuss this with a qualified attorney), but in terms of taxes, your Schedule E will look exactly the same as if you did not set up a single-member LLC excepting costs that are specific to setting up and running the LLC itself as Tom mentioned above.

Perhaps we have to decide what qualifies as VC.

Rather than go out and buy a condo investment property now I am further researching the multi-family opportunities and SFR so when when my family is ready to move we can rent our current SFR and then qualify for better loan terms on our next property. 

These deals are very cash intensive and then you have to qualify for a mortgage at the end.

So for those clients who are house poor and cash rich, they can qualify to purchase another property.  

If you are going to use conventional (bank) financing, it is likely you will qualify and title the property to your personal name and then quit-claim deed the property from your personal name to your LLC after the loan is in place.  

(Perhaps it won't even qualify for conventional financing in the present condition.)