Switching property to LLC
Hello All - I am looking for some advice on a property that I have in AZ. We have been considering selling the house, it is currently listed. Our initial reason being that we put $30k into it and did not want to have the hassle of seeing renters put the wear and tear on the property that is inevitable. However, we are starting to see that we put too much into the house and likely won't get out what we want to. So, here is my question.
Property is currently under our individual names, but I want to put it under an LLC. The property is owned free and clear and has no liens, etc. If I rent it, I am going to get a new mortgage on the property; whatever amount will be covered by renters, and leave the rest of the equity in the property. Should I do the deed transfer to the LLC prior to getting the mortgage?
Also, what is the most affordable and effective solution to do this kind of deed transfer?
Thank you