And of course we're in agreement on consulting a tax pro.

Sellers can avoid paying transfer taxes to the county, while buyers are spared from facing significant property tax increases.However, it's important to note that lenders typically only approve these loans for properties with five or more units.

Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.

Mary parishes. 

At least, if you don't want issues down the road tax wise and if the government finds out it could cause some serious legal issues.

Despite the equity We also want to take advantage of tax advantages we did stay in the property for 2 years !  

I do not want to stretch into California due to the Landlord laws and taxes. 

If you do place the property in her name, you've got a Gift Tax (Form 709) to complete. 

Do the tax benefits make it a good deal?

A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too