Turning Personal Residence into Rental property
We are just starting out into rental property. Our mortgage is low in relation to the value of our current residence. We are considering moving into newer house and renting out the one we currently live in. I would like to transfer ownership of current house into LLC that will be for our new rental property company. What would be involved in transferring the property and what would cost basis be? Is the best person to consult on this a CPA or lawyer to ensure we get properly set up for tax considerations and values. Thanks for any advice. If there is a site/topic/paper to read up on this type of transaction please point me to it. Appreciate help in advance.