Purchasing a property under an LLC
I'm sure this has been discussed on here before, but I can't find it anywhere.
I have purchased a property under my name and fixed it up (not all the way/ was planning on rehabbing but realized I was running out of money). I now intend to rent it out but was guided to start an LLC to protect myself from a law suit.
It takes about 300 bucks to start an LLC but I need to know if/how I can sell the house to myself. No gains, no freaky numbers, just a way to protect my assets from a greedy tenant (if my screening doesn't catch it).
In fact I intend to transfer the rest of my cash on hand to my new LLC bank account.
Should I wait until next year(1 month away) to start the LLC and transfer the title?
I am not living in the house, and I do not intend to live in it at anytime.
Thank you for your time and advice.
V/R
Todd Lawrence