Converting first time home into rental

[Chad Hrapmann]

I'm purchasing a townhome in Louisiana to use as a Primary residence while I fix minor issues then convert it into a rental. I'm getting a conventional loan putting down 5-10%. My end goal is to buy another home in the near future (6 months to 1 year) to use as a primary residence for a few years and transfer this townhome to an LLC.

1. What is the best/right way to go about this? Buy the home in the LLC's name? If not, how hard is it to transfer homes into LLC, costs?

2.  What tax benefits/costs should I be aware of from trying to move fast?

3. Are there any legal loopholes that let me keep the first time buyer tax exemptions?

I've researched some of these things but haven't found much on my unique situation, buying primary home with investment property in mind shortly after.  Any advice or help would be appreciated.