Is it wise to purchase a rental property and rent it to myself?

[Andres Alava]

I am fairly new to the corporate/business world. I have started my S-corp ~1.5yrs ago. I have definitely seen the savings as I had been able to keep a lot more of my money and tax savings under this new corporate scheme. Loving it. 

Just trying to think outside the box here. With the help of the savings from the S-corp (distribution, some personal expenses that I have been able to classify as business expenses, marginal tax bracket savings, paying family members, etc). I was able keep more $$$ and I was able to pay down my mortgage on my primary residency. Is there any value/logic/financial sense in purchasing an investment property in a new LLC (new house where I plan to live with my wife for several years) and rent that new property to ourselves (my spouse and I)? My logic tells me that as a rental property I would be able to use the rental income (paid by my spouse and myself) to obviously pay the rental property mortgage but still take advantage of being able to classify some investment/rental expenses such as the depreciation, HOA fees, maintenance, repairs, mortgage interest, property taxes, etc while at the same time we rent our current home that is 100% paid for and use that rental income to help pay the 'rent' of the new investment property that we are renting to ourselves. I hope I am making sense. Any thoughts on this? Is this even possible?