1st Deal Strategy: Place title in LLC, Trust, or Personal Name?

[Charles Kammer]

Hello All, 

I recently inherited a small home that is held in trust. I am the sole beneficiary and the only trustee. I am almost finished renovating the property, and I would like to rent it out soon. My goal is to make this the first of what I hope will be many rental properties in a future portfolio. What is the best strategy with this property moving forward in terms of the title. How should I title the property moving forward given that I intend to pursuit more deals?

I like the protection that a trust provides, but if a make only small amounts of annual rental income the trust may be subject to capital gains taxes. In addition, I've heard banks won't allow me to use the home as collateral on future deals if the home is held it trust. 

What are the advantages to retitling the home in an LLC in terms of income tax, future borrowing capacity, and liability protections over retitling the home in my own name?

I should mention that I have never technically owned a home in my own name. Thus, I may qualify for first time home buyers opportunities. If I title the house in my own name, would I be leaving money on the table so to speak by letting go of these opportunities? My city goes, as far as offering first time homebuyers small closing cost grants and other programs. 

Thank you all for your help in advance.