Basically I want to get a new business off the ground by making my residence the first rental property and being able to run all maintenance and improvements through a business tax deductible method vs. off of my own personal credit. and gain experience in renting my own property to myself, creating a business credit score, and making the business look better when its time to purchase new properties to rent out in the eyes of the lender's/banks.
The process would have to be documented officially of course. with a sales agreement drafted between myself and my business, with terms and conditions I'm sure.
Not that it isn't legal if done correctly but it is very costly tax wise ... you would loose the ability to exclude the gain on the sale in the future so when the business sells the asset not only will it pay tax at the higher fair market value they will also have to recapture the depreciation taken over the years it owned the property. Seek professional guidance from a RE/tax attorney before you do anything.