@Jonathan M Bojan You'll want to use an LLC for your strategy.

Is it worth it to stand up a LLC and move a paid off rental property into it?

In their own name or an LLC?   

I would like to start an LLC to run this. 

Since there is no custodial requirement for the 401k, you don't need the additional expense and administration of an LLC to obtain checkbook control.

Pick an asset class: Class A, B, C & D properties, research pros & cons, pick one to focus onPick a real estate market that matches your resources & goalsContact local agents & PMC’s to start sending you listings to analyzeAnalyze a few deals weekly, get comfortable with the market and refine what you're looking for You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities and City of Detroit Neighborhoods:https://www.biggerpockets.com/...

I have done this in the past, but with individual members on the first deed and the holding company LLC as the second.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

They each Househacked a multi on Boston,(Quincy and Southie) using their FHA loans and then the plan is to refinance the properties into a LLC where they each of them own 50% once they have enough equity for the refinance and they’ll clear the PMI at the same time. 

If this entire property was a rental property, I would have probably just created an LLC and put the mortgage and deed in the LLC's name.