Refinancing into LLC
My wife and I moved out of our first home about 3 years ago and we decided to rent the property. We now have a little bit of equity and very little cash flow. We are basically paying the mortgage with the rent. If I refinanced, it would give us a significant cash flow.
My question is this:
What steps do o need to take to refinance this into an LLC. Right now we are liable personally and it's not set up as a business.
Will this remove the rental from my personal credit?
Will this begin a new credit history for a new business?
Thanks for any advice.