If you don’t do a 1031 exchange, you should definitely try to hold the property for at least one year to get the long-term capital gains tax rate.

Yes definitely .

@Jess Azong like others have suggested on here and that you even mentioned yourself, I would definitely recommend reaching out to a CPA who has experience with real estate investing to best guide you.

@Jackie LinneYou need to consult some qualified professionals, e.g. accounting and legal...With Title in your name, how/what is the LLC renting out your property?

Since my strategy would definitely involve house hacking, I was thinking about house hacking with a mixed-use property.It could be interesting to evaluate as a strategy, but only if I can access financing with a low downpayment.How would that work from a financing standpoint? 

But, if I was, those properties would have definitely met the requirements.The bottom line is this: where there is a will, there is a way.

So I imagine the benefits of the cost seg have to be weighed against the legal and professional fees to get it done. 

The terms can be transferred, but you want to be very careful who you pass it on to for a lot of legal reasons.  

I had a consultation with them and have read Tax Free Wealth and think they would definitely be able to help me. 

We are looking for a firm that is familiar with multi state partnerships that can give us legal advice or set up our business correctly from the start.