Transfer personal mortgage to S-Corp - What do we need to do

[Jim Palozzi]

We have 8 rental properties that are in our names but after reading some recent news articles, we want a better way to protect our personal assets and improve our credit score (due to a huge debt to equity ratio from these rental mortgages).
We created an S-Corp a few years back for our restaurant, but we never used it as we went in with other partners and created a partnership.
I'd like to use our S-Corp to transfer our 8 rental properties into the S-Corp to provide asset protection.
I have 3 questions:
- What is the cost involved to transfer ownership to an S-Corp (NYS).

- Can I pull out money for investing back into the property as needed during a transfer (I assume this will mean a re-finance and lose our current mortgage rate of 5.3%, but the last two rentals I bought the int rate was 5.7% so it's not too far from the current rates)

- Putting all the rentals into one corp - What will happen if we wanted to sell 1 or 2 in a couple of years? Let's assume a mortgage of $600K for all 8 rentals but the combined appraisal on all 8 are $800K...If I sell 2 houses and the remaining 6 houses have a value of at least $600K, will the bank allow us to sell 1-2 houses from the Corporation?

Thanks for your time and any help would be greatly appreciated.
Jim