So  you can actually live in it for 2 and then move out and rent for 3 more (paying very close attention to dates), sell and still take advantage of that part of the code with the exception that you will have to recapture depreciation on the time it was a rental.If you go past the 3 year rental mark you can either sell and do a 1031 exchange which defers the tax indefinitely, or you could move back in.  

Not as many buyers want a house that requires fixing a lot of deferred maintenance day one.

But it gives you a good idea of how careful you need to be about mixing tax deferred and after-tax funds.

You may want to confirm through IRA Services Trust Company that you won't lose your tax-deferred status if you set up the LLC yourself.

also, if you are currently an enrolled student, you should be eligible for deferment (you don't make payments until you graduate).

If you can get the statements for more than one year it will give you a little insight into if expenses for repairs have gone down this year (i.e. there's deferred maintenance).  

You'll have to recapture some depreciation from the time used as a rental, but it might be worth taking the exclusion from the taxes rather than deferring the taxes and carrying forward a reduced basis (as you would in a 1031).  

The portion you rent out could be 1031d into a new investment property completely tax deferred.3.

The 1031 Exchange is a great tool to help investors diversify their real estate portfolio on a tax-deferred basis.

IRA is considered tax-deferred retirement account designed to provide you with the future (not immediate) benefits.