without the risk and hassles of owning a rental.I was considering picking up 8 to 10 weeks in Vegas.. but then just bought a home in Summerlin instead as my wife wanted something more substantial . and so it turned out it will be come our primary.. with Oregon our secondary.. its a good tax strategy for us. 

But, yes, you're going to have substantial taxes if you sell.

Ippoloito states in his post, Patch of Land has been an investor favorite and has experienced substantial growth over the past couple of years.

To get technical, you will be going up against the Economic Substance Doctrine which states that a transaction has economic substance if: (1) the transaction changes in a meaningful way (apart from Federal income tax effects) the taxpayer’s economic position; and (2) the taxpayer has a substantial purpose (apart from Federal income tax effects) for entering into such transaction.By transferring your primary residence into a LLC, you would not be changing your economic position.

You will be amazed at how much paperwork sellers can/will produce once you explain to them you have to set expenses high unless he can substantiate them.  

It was a duplex that needed substantial repair. 

Even then, there's an ongoing debate about the benefits (or lack thereof) of Series LLCs.Once your flipping becomes substantially profitable - as in $50k net after all expenses - then an LLC with an election to be taxed as an S-corp should be considered for tax reasons.

My question is, are the rates/terms substantially better if I were to look at the local community banks/credit unions?  

It might give them a good comparison point to a fractional passive product (the ultimate in getting out) that qualifies for 1031 which would also boost that ROI substantially."

Chritopher, Generally cash buyers may be willing to pay you to transfer you contract to them and they be the ones to actually buy the house but at a substantial discount from AVR values.