LLC and Tax Question with First Property in Greenville, SC

[Grant Wilsterman]

Tax and LLC Question: I am currently in the process of renovating an 850 SF condo in Greenville, SC. I will be living in it starting August 1. I am planning on getting a roommate for this place and treating it as a house hack. I am not very familiar with the laws surrounding having a tenant or the tax benefits of this. I am planning on living in this place for the next 6 months to a year MAX before moving to another live and flip where I plan to operate an Airbnb. I will then convert the condo into a full time rental unit.

Should I get a LLC for this unit right now and place the lease under the LLC? What are the advantages of this and what are the risks I am taking by doing this under the table (obviously I will still be reporting this on my taxes)? Am I ok to wait until I convert this condo into a full time rental property to get a LLC?

I am planning on using a lease document from BP for my first lease with the roommate.

Thanks, 

Grant Wilsterman