Primary Residence to Investment w/out losing $500k tax exclusion

[Dena Schlutz]

If I'm converting a primary residence into a rental property but want to take advantage of the $250/$500k capital gains tax exclusion for a primary residence. Can I create an LLC, partnership, corporation or some legal entity to buy the property as an investment property? Then I can take advantage of the primary residence tax exclusion and continue to own the property and rent it out. I have a feeling the IRS will not allow for single party LLC, but maybe if the form of ownership was otherwise it would work? Your insight would be greatly appreciated!