Once you have the building plans and projected budget, you can get a no-cost estimate on the tax benefits you are entitled to.

@Bryce Kennebeck not sure how moving to an LLC impacts your ability to take the primary residence tax benefit.

While researching my options to reduce my 2024 tax burden (already maxed the 401k and HSA), I see that it is possible to buy an investment property, use it for Short Term Rentals and as long as certain conditions are met, I can accelerate the depreciation which can be used as an offset to W-2 income.

Say with your after-tax money?

However, keep in mind that there may be additional fees associated with multi-family properties, so make sure to factor these into your budget.

I'd rather go with a conventional loan to get a lower rate and fee.

Obviously I want to minimize my taxes here.

(If you do, the terms of financing may be costlier than financing as an individual)  With an LLC you will have annual filing fees (usually minimal) and perhaps any costs associated with having a registered agent if you move.So, ask yourself what is your goal in putting them in an LLC? 

How are my taxes calculated and what years would I pay for the profit I make?

Unfortunately, the insurance/property tax cost creep is what it is.