Keep in mind your mortgage pricing/rate may change by doing this, so good to loop in your lender early on to let them know your intentions. 

I’d be interested in keeping up with this post.

. - When we've review these options with clients the ending outcome is typically that it's easier to forgo the 121 exclusion if you want to keep this property; and do a cash-out refinance (taking on more debt isn't taxable) instead. 

If you plan on being a very active investor, it's possible but you will need to keep the velocity of your money up high.

My understanding is this can be done by keeping the property in LLC and be 50/50 partners in LLC. 

If you decide to keep, you can always change your mind.  

@Tyson Regier  I agree with Megan, and would add to her list Annual fees associated with each llc to keep current/registered with State.Annual Tax filings costs...

It applies to urban lots under 5 acres, setting clear size and spacing rules to keep new housing functional and efficient.

I plan to keep my current home and rent it out as my first rental property. 

I also use virtual mailboxes to keep my personal address out of public domain.