First post and need some advice.  

We purchased a fixer upper at auction and put it in under our LLC. We are currently making repairs and everything with our LLC business funds.

Now, we have thought through some scenarios and selling the home we live in currently makes the most sense. We would move into the fixer upper first mentioned. I know it makes no real sense to rent to ourselves - but do we purchase the property back from the LLC? How will this work when I do taxes and have all these business expenses but haven't put the home into service yet - if we're living in it?

We have always flipped.  Our original plan was to sell this place after flipping but there is a security deed that was never cancelled from the 90's - our attorney says it'll expire on it's own in 9 years so we thought, what the hey, we'll rent it.  But we would love to add some properties to our portfolio and selling our current home would give us the money to do that. 

Logistically, I don't know what to do with title, selling, etc. Do we rent to ourselves or sell it back to us or what?? Should I seek out a CPA and talk this over or go back to my real estate attorney and speak with him? 

THANKS! 

@Karoline Ussery Quitclaim the property to yourselves. It would be a non-taxable distribution. When you decide to rent it later, then you can quitclaim it back to an LLC that you own. Your basis will be the cost of the property plus your rehab costs. This is the value of the distribution to you from the LLC. Check with your attorney and CPA to make sure there are no other issues you need to address.

@Karoline Ussery

The expenses would then becoming personal in nature since the property is now a personal residence.
But you should keep track of all of it to maintain the basis in your property; in the event you decide to sell the property or convert it into a rental.
It may become beneficial to move the property into your personal name to take advantage of section 121 exclusion down the road.