Can your LLC own the house you live in and rent it to you?

[Adam McCarty]

So here is what I am thinking. I want to sell an LLC the house that I have live in flipped for market value today and rent it to myself. I would like to owner finance it as we have very good rates on it. I have lived in it for two years so I should be good on not paying capital gains as they are significant. There are still several things that we want to fix up still so it would be nice to be able to write those off as well as depreciate the house. Any ideas on how legal this would be or if you are in Iowa if anybody would know some good professionals to talk to. Also if we ever wanted to pull equity out would I need to do that before selling it. Thank you for any input you might have.