Homeowners policy (NREIG), commercial policy (Hiscox), and personal liability policy (nationwide). 

I already own an LLC (residential contractor) and understand the liability benefits of running this deal through the LLC.I'm only asking about the differences from a business perspective (taxes, showing the income as business income vs. individual income, etc.).

I get the concerns about liability and title insurance, but I’ve had success by thoroughly vetting the company’s history and securing protections like hold harmless agreements.

Liability.

Work with your tax professional to see what you basis is so you understand the tax liability if you sell. 

This will also help when you file 1099s to report the proper amount to the IRS and send a correct 1099 to the PM for their PM Fees and possibly any Advertising or Repairs they may have doneFor the mortgage you will split it like you have it except the Mortgage will split to include the Principal amount to the Liability and the Interest expense. 

Crazy way to multiply liability on seller financing.

Renting from your own LLC could have liability implications.

An LLC is great for liability protection, as it shields your personal assets if something goes wrong with the property.

The one strategy that works to get the beneficial financing options available through using a Fannie/Freddie type of loan while also getting the liability protection of an LLC is by the use of Land Trusts.