Complicated Tax Questions

[Joel Johnson]

Alright so I am going to do my best to describe my thinking as best I can here and hoping someone can give me some thoughts and maybe even improve on the idea.

I want to purchase a property from my wife's parents using an LLC in my name. They will be carrying the note on the property. I then want to lease that property to myself and write off any expenses as business expenses. Are there IRS issues here? I should mention that my wife and I file separately, not sure if that helps, and I haven't spoken to a CPA yet.

Another note is that I do already own a personal residence that is in my name and it has a mortgage that is also in my name. I plan on renting this out to college students and this will help me to pay some of the "rent" for the property I will be living in.

Not sure if there is more information needed here but feel free to ask. Any advice or concerns are greatly appreciated!