Can I Rent from my own LLC...?

[Jared B.]

I want to go 3rds on a property with my father. His interest is the tax incentive to rental property (tax shelter). My incentive is personal residence, & building capital to develop. I'm trying to figure out how to meet both our needs in one property.

If we set up an LLC, and I have 33% ownership, can I still rent from the LLC and split the write off?

If I could do this, could I then buy the property (once I have the down), live there for 2 years and reap full capital gains?

(I know we would have to subtract our depreciation from our gains when the LLC sold it.)

Please help.