House Hacking LLC

[Jacob Holt]

Hi everyone, I recently purchased my first house in Baltimore, MD. It is a 3 bedroom 2 bath single family row home. I currently reside in one bedroom and rent out the other two bedrooms. I want to create a new checking account to keep all my house income expenses separate from personal expenses. I decided to buy the house in my name to qualify for a homestead exemption. My plan is to move out in two years after I qualify for the possible capital gain tax exclusion so then I can either decide to keep it for 3 additional years (or maybe longer, and forgo the exclusion)and move the home into a LLC. I question if there is any benefit to creating a LLC now and opening the bank account in the LLC name. I'd really appreciate any suggestions from anyone that has had a similar experience. Thanks!