First home already rented

[Benjamin Rodrigues]

​Hey I had a question. I'm looking to buy a property as a fhb the property is in a tourist town and is small but we get reliable renters. main house 3br and a detached 1br 1bath mother inlaw home on the property. To qualify we are thinking we are gonna live in the smaller unit. Doing 3-5% down is affordable for us. how would we eventually be able to move towards keeping it as a full rental property without breaking the rules of The fhb loan. Would we convert into a different loan later? We do have some raw land we are sitting on and want to eventually build our dream home on but we see a good opportunity in this property. I also was worried about buying this home in my name and having very little protection from a liability standpoint being we already have tenants living there. am I able to buy an Fhb loan and immedialty have it in an LLC what are your thoughts on this scenario?