Transferring Title to LLC - Deed
Hi, I am a newbie seeking legal advice regarding my first investment property. I hope someone can help who knows the ropes. Here is my situation:
I purchased my first investment property with 25% down and the rest of the purchase price was funded with a mortgage in my name. I also took title and possession in my name. As I understand, to protect my equity, it is best to place this property into its own LLC. With that said, I want to transfer title into the name of an LLC (which is okay with my lender as long as it is a single member). I plan to transfer title into the LLC, but I am not sure what the best type of deed is to use. Any thoughts? I've also been advised to update the landlord insurance policy to include the name of the LLC and also to add an addendum to the lease I have in place to make the lease between the LLC and tenant. The only thing that will be left in my name is the mortgage. Does anyone see this as an issue and is there anything else that I am missing? I am racking my brain trying to make sure I have myself as protected as possible. Oh, and yes, I am working on getting an umbrella policy to further protect my personal assets.
Thanks in advance for anyone who offers advice.