New in NW Ohio

[Jason Richey]

Hi all, I'm Jason, totally new to real estate investing but learning quick. Im buying my first home in a few weeks, but I'll be living there so not quitting my job any time soon. I plan to save cash from my job and eventually use the equity in my house to buy more houses to rent. 

Some things in curious about are when should I form an llc and if I hold my houses in my name but rent them out via an llc wound I still be at risk? My thinking is regarding 1031 exchanging properties until I build up a net capital gain of 500k then live in it 2 years to sell it tax free. Is that even possible or is my understanding way off base? 

Anyway, glad to be here learning and I hope to be sharing huge success stories with you all in the years to come!