I will be house hacking it for a year or so but want to know if I can essentially turn the property into an LLC at all or after the year mandated is up?

I think some of the responses here are not taking into account the 3 day attorney review mandated by the state of New Jersey, where the property is located. 

Essentially had three 401Ks with different custodians and simply did a “rollover”.Luckily, my laziness paid off as most folks are told to roll it over to the current employer... bad idea unless it’s either mandated or required (usually <5K vested balance per 401K).

@Chris Laino an investment in a flood zone is clearly going to cost you more because you'll need flood insurance as mandated by the banks.

I have been told that often they only mandate transferring title back but I suspect they could call the loan and not provide the opportunity to transfer back.  

Legally, they are mandated to present any and all offers, whether in writing or verbal to the Seller.Your offer should reflect the condition of the property.

@Ray HarrellI've heard conflicting views on whether or not a closet is necessary to "legalize" a bedroom and I can't find anywhere in the Chicago building code where it mandates one. 

In 2020, new homes in California will require them. http://www.jlconline.com/business/california-mandates-solar-panels-with-a-battery-option_o

There is so much that goes into property management obviously, but finding out your states mandates would be first!

@Luz Pagan  Here in MA, many towns mandate that septic systems be sized for a minimum of 3 beds.