$250k/$500k capitol gains deduction through LLC? yes/no

[Jared B.]

Buying property with my father to develop. Some questions:

Is there a way that my wife and I could still garner the $250k / $500k capital gains benefits (after living there for 5/5 years) as an LLC?

Also, my understanding is we should own the property in "joint tenancy" with "right of survivorship" is this necessary with an LLC? Is there a better way?

AGAIN, I'm hoping shortening this will get me more input. Thanks to anyyone for any help.

JB