Convert personal property to LLC?

[Chris H]

I have two rental properties that I feel may be better positioned in an LLC (rather than my personal holdings) - can anyone clarify that with me and also give me a quick low-down on how to move them into the LLC (would I have to refinance?). THANKS!!

[Will Barnard]

Originally posted by Ali Chami:

I am in the same boat. I have a number of properties that I plan to move into separate LLCs that I have created for each SFR. In my case, they are owned free and clear. I noticed one member advised conveying title using a 'warranty deed' as opposed to a 'quit-claim deed.' Can anyone explain the difference between these two methods? In fact, I prepared the quit-claim deeds and I was prepared to do this very soon. Thanks in advance.

Why in the world would you want an LLC for each property? Talk about an unnecessary expense not to mention an accounting nightmare. Different checking accounts for each, different tax filings for each LLC, etc.
The only reason to brake up properties into another LLC or multiple is if you have enough equity at risk and want to difersify that equity exposure over more entities, thus reducing exposure.
There is no need for a seperate LLC for each property. Do not let the gurus and entity formation companies fool you. They have their own agenda.