Initially we had this home built to be a primary residence for us & later decided to rent it.

My 2 brothers and I are inheriting my fathers residence.

I am declaring primary residence but will live elsewhere as my lender only requires "intent to move in by 60 days" with no proof of move.Three units - $4200 rent income1st unit (3 bd 1 bt, ~1000 sq ft) is currently vacant, previously rented for $1600.2nd unit (3 bd 1 bt, ~1000 sq ft) rented month to month at 1050. can get $1600 as well.3rd unit (2 bd 1 bt, ~800 sq ft) rented for 1000 until April 2025. can get closer to 1200-1300.

As you know, the reason you qualified for an FHA loan/rate/downpayment is because you demonstrated to the bank that you're going to be using it as a primary residence for the first year. 

You must occupy the residence within 60 days of closing and live in it as your primary residence for 12 months before renting out other units.Do this several times and you will have 3-4 performing (hopefully) 4 plexs (or tri or duplex) and then you can look at doing STRs.It would create a great base for you to work towards early retirement. 

My rent will be paid by the rehab center and not the actual residents so I'll have no vacancy or turnover costs.

I already have a primary residence and another quadriplex, so this would be my second rental property.

But you will not get the full primary residence exclusion1.

Hey BP Fam, I had a thought about what would happen, and would it be worth it, to place my primary residence under my LLC and then charge myself rent to live here.

Looking at a property for a primary residence that has an income generating cottage (STR) on it.