Realistically I would reach out to a good real estate friendly CPA. 

Your CPA should be able to tell you implicitly on any tax repercussions on that.  

If you use the rental space for personal use more than 14 days in a year (or 10% of the days if you didn’t own it for the whole year), then the deductibility of your rental expenses are limited to the amount of your rental income (so you can’t report a rental loss) ...This post does not create a CPA-client relationship.

Again, everything must be at fair market value, and all documentation should be meticulous to withstand IRS scrutiny.It sounds like you’re on the right track, but it may be beneficial to consult with a CPA or tax attorney familiar with real estate and LLC structures to fine-tune your plan and ensure you're maximizing benefits while minimizing risks.Good luck with your investments!

I also asked the same question to my CPA, but waiting his response! 

I was also told by my cpa that transferring the property from the LLC to our personal names will trigger a tax event.

Note: I already scheduled with couple CPA for consultation.

As my CPA says though...bad news is you're paying more taxes, good news is, it is because you made more money, or I guess on the property side you achieved appreciation.Downsides-cost of entry higher than some parts of the country. 

He comes from a large CPA firm and they have lots of rental investors.

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.