Hrmmm.
"If they take away the personal mortgage interest deduction" -- that's a big If. And you don't know what other changes to the tax law might be made that also affect this strategy.
You've left out the capital gains tax, that's going to be a big negative against those deductible expenses. All that depreciation you deduct now will be taxed back when the LLC sells the house, any any gains over that are taxed as long term capital gains. They're tax-free if you own and occupy your personal home. If you sell the house to the LLC for $200,000 and the LLC later sells for $300,000 when you are ready to move, that's going to result in $15,000 of capital gains tax. You'd have to deduct more than $60,000 in home expenses over the years before you broke even.
And "Any salaries for employees of an LLC" what does that mean? Your LLC will hire you as property manager? So that means that you pay rent (out of your regular day job after-tax income I guess), and some of that rent is returned to you with a W-2 attached so you can pay tax on it again?
If you charge FMV rent and the LLC makes a profit, you pay income tax on that. In other words, you take after-tax money from your other job, pay rent to the LLC, which pays tax on it again.
If you charge FMV rent and the LLC shows a loss, how will you benefit from that?
