Using a second home as a rental

[Eduardo Alfaro]

Hello All,  I have a technical question.  I am currently under contract for a property that I plan on buying as a second home.  My plan is to rent it out for the first year to capitalize a bit and then fix it up, furnish it and turn it into a short term rental that I can use as well as my second home.  My question is the following.

1) is this common or would I be doing something illegal by buying it as a second property but renting it out for the first 12 months?

2) I had planned to transfer it to a LLC, but given the above is it a better idea to keep it under my personal name?

can you please share thoughts and suggestions?

thank you