Rent your primary home from your own business entity?

[Lana Lee]

Not sure if I picked the right category for posting my question. But I recently heard of an idea of renting your primary home from your own business entity. Let's say I want to buy a new house to live in, can I set up an LLC to make this purchase and treat my own entity as my landlord with a real lease and everything.

I can then depreciate this property and do all kids of tax write off. Is it a crazy idea, or even legal for that matter ?