(I could understand if you wanted to make the LLC a beneficiary, however that could POSSIBLY cloud your exemption re state transfer tax and/or bank exemption via Garn St-Germain.The title company and bank/lender will use exactly the same entity as whichever holds title either refi or purchase.

If assessed value for example is 250k, and now  I buy a triplex in Chicago for 350k would the tax be much higher without any exemptions ? 

If you plan on living there you will get a homeowners exemption on your property tax which will help your cashflow numbers.

I heard if you write off deduction from the rental room on a schedule E then you have to deduct that depreciation amount when selling the house as you need to exclude that room from the personal exemption on capital gains.

., I believe Oakland just changed the rules on Just Cause Evictions to remove the exemption for small owner occupied properties.

I would also be surprised if the warranty did not have an exemption for surface water/flooding. 

Such plans are fully tax-exempted when generating passive income such as interest or rentals. 

PA will attempt to hit your with a transfer tax even though the form you submit to the state says that you are exempt. 

The capital gains exemption only applies if you live in it 2 out of the last 5 years when it's sold.  

I don't know your market) and assuming your mortgage above includes insurance and taxes, then maybe it's worth it, but you need to have a realistic idea of what you can get and what your costs will be, both short and long-term.The great thing about selling will be that you can get all your capital gain tax-free, since the Sec 121 exemption allows for $250k (single)/ $500k (married) of tax-free gain on the sale of a primary residence that you've occupied for at least 24 of the past 60 months, which it sounds like you definitely have.