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Starting Out - New Property and LLC
I tried searching about this topic because I know a lot of people ask about it but couldn't find the answer to my particular question.
I have my first investment property under contract. Its a Fannie REO property and I close on it at the end of the month. I will be using it for a rental home.
I currently have the contract under my name. I will be financing the home under a Homepath Loan.
I registered for a LLC a few weeks ago but haven't received confirmation it has gone through yet.
I would like to be protected against liability therefore think I should put the home under my LLC. How do I do this? Transfer the title after closing? Change the name on the contract to my LLC?
Is liability insurance enough to not worry about transferring the title the LLC?
The property is located in Mobile, AL.
Please give me your thoughts!