Owning the machine personally (no LTD) and hiring it out can work, but depending on country concerned be careful with the VAT situation.
In UK, HMRC take the position that an individual owning a machine and renting it out is unlikely to have a business and to be able to register for VAT. They are very likely to try to refuse your application for VAT registration and then argue with you for a couple of years, citing case law (some of which may have been overturned), and ignoring case law which does not fit their agenda.
If you have the right facts, you do your research and you stick to your guns you can win.
The VAT cost of owning a machine with private and rented use can be better using this route compared to using a LTD vehicle to own the macine and charge you - which is why HMRC try to resist registration. There is a partial disallowance of input VAT based on the proportion of private use, rather than a VAT charge on the hourly cost of renting the machine (you can't rent to yourself).