Also, we are located outside of Baton Rouge, LA.
Brett, you still own the house and are just renting it? You do not need to set up an LLC for that. Just make sure you have proper insurance and I'd have your tenants get liability insurance as well and make it a requirement in the lease.
No need at all for a LLC. It is unnecessary and will only complicate your taxes.
Congrats! That's exciting. I'm not a legal/financial/accounting expert, so please consult your professionals, if you'd like official advice. However, I'd recommend doing a separate LLC per property. Yes, I'd also recommend deeding the property to the LLC.
I'm secretly hoping to run into the same issue, by the way! Haha. My current home could be a great rental.
Thanks for the responses. So, if its not needed now, at what point is the llc needed? Next purchase?
I disagree with @Thomas S. about LLC's complicating your taxes. I think it actually simplifies your taxes, and creates a clear wall/bucket for your rental income/taxes. As others have said, an LLC won't necessarily protect you 100%, but it can provide some legal protection and provide a simple layer of anonymity.
As far as suit protection, call your current insurance provider(s) and ask about an umbrella policy for converting your primary residence to a rental.