@WizerNow wrote:
....What did you learn as to the pros and cons of this type of transaction?...
Again, it depends upon the post (strategy) to which you are referring.
For federal income tax purposes, establishing a single-member LLC in which you are the sole member, will not work if you are contemplating "selling" your primary residence to the LLC and then renting it back from the LLC.
Note also that if you managed to "sell" (contribute) your primary residence to some other entity, such as a C corporation, and rent it back from that entity then, at a minimum, you would stand to lose the Section 121 (home sale exclusion) when the property is ultimately sold.
As @DanielV01 stated, you absolutely need to seek local legal counsel and/or engage the services of a local tax professional.
