First Home with plan to rent it out in 1 1/2 yr

[Mak K.]

Hi,

So I have been reading and listening to the podcast. I think this is the best forum I have found so far. A lot of info. I am a newbie and this forum is very informative. Thanks to all the contributors.

Question: I am looking for a house to buy (First time home buyer) but my plan is to rent the house in 1 or 2 yr down the line. I wanted to see if it would make sense to buy it on the personal name or buy it under LLC/Trust etc. As this is going to be my residence for the first 1-2 years, I will be going after homestead exemptions etc. So if in case I go LLC route, do I lose those benefits?

In short, does it make sense to do LLC etc for first time home? I read it somewhere that if you decide to sell a house, you get capital gain benefits if it's under your personal name/primary residence. You lose that benefit if its LLC.

I would appreciate some guidance.