Is turning FHA into llc possible in MN?

[Kaylea Bienek]

I'm new to the investment game and I would like to start out with a residential FHA loan to put little down on a plex, but I would like to establish an llc within the following year for tax benefits and liability purposes. Is there good way to approach this or is there alternatives to this method? Any insight would help. Also, if I end up transferring it to an LLC a 1031 exchange would work after I build up equity or am I missing something? Any advice is helpful, thanks😊