Turning FHA multi-property into LLC

[Samuel Cardenas]

Alright, so I have been getting a couple different answers and I think I know the answer but I would like to get different responses from the BP community! 

I recently purchased a duplex in Cicero, Illinois via FHA. I will be house hacking it for a year or so but want to know if I can essentially turn the property into an LLC at all or after the year mandated is up? I have been told yes after the year is up, no not at all, and after a 5 year frame.

Thank you guys so much in advance!! (:

[Jason D.]

@Samuel Cardenas the question is, why do you want to do this? If you purchased with an FHA, you have no equity, therefore you're likely a poor target for a lawsuit. If you have few assets, there is really nothing to protect, so it's not necessary