How to move property into an LLC
Just bought my first property last November. 2/1.5 Townhome in Fort Lauderdale. I'm living in one bedroom and renting the other bedroom to a buddy of mine.
I'm wondering - is there a way for me to create an LLC and transfer this property into it? What are the tax and liability advantages in doing so?
I'm aggressively saving up for another down payment (duplex or triplex) and don't see myself staying in the current property for more than 5 years. Should I have one LLC for all rental properties I buy, or a separate one for each?
Feedback is appreciated, thanks in advance for your responses.