That conversion will not trigger any tax.Unfortunately we can no longer eliminate all of the tax simply by converting to a new primary and living there. 

Operating through an LLC can certainly provide some protection, but many mortgage companies include a "due on sale" clause in their contracts, which means transferring the property could technically trigger the need to pay off the mortgage. 

You will need to clearly set forth the circumstances that allow or trigger the transition of a new trustee.

Just finished my major in Business Management and am receiving my Management and Supervision certificate this summer.I've been studying real estate for a few years now, have watched tons of videos, calculated and ran numbers on numerous properties and listings, and talked with many lenders and real estate agents, but because I don't have anyone in my circle that's well-experienced in REI's I've hesitated to pull the trigger on anything.I'm looking to fix and flip, BRRR, LTR, MTR, STR, or multi-family.

At what price differential would you pull the trigger on doing new instead of used? 

I have been very hesitant to pull the trigger anywhere outside of LA.

Converting from investment to primary does not trigger the tax. 

Whatever it is you choose to do, you should do it the same way every time.I've seen landlords use credit scores alone as a deciding factor, saying 700+ is instant approval and below that could trigger a call for more applications.

Top question you need to get a feel for is what would you do with the capital if you sold (or if you did a cash-out refinance) - if you have a good investment idea / usage that exceeds owning the current rental - you should likely pull the trigger, if you don't have a good usage for that capital then probably sit tight

My wifes house is nearly payed off and we are thinking of buying a new one and doing a live and flip while we rent out our current house... and meanwhile I am really trying to get all the info and contacts so I can pull the trigger on a deal once I find a good one and have the tools to take it down succesfully.