Transitioning from personal purchase to LLC

[Christopher Ryan]

Last year we bought a commercial property and put it into an LLC immediately. The accounting was fairly simple. Everything was tracked with the LLC immediately.

This year, my wife and I bought a 4 plex and used conventional financing, because of this, we had to get the mortgage in our name initially (and transfer it, which our broker assured us it not a problem). Our lawyer suggested we wait one billing cycle before changing it over (so it would be Jan 1 of next year, so we pre-paid 2 months at closing).

I am still waiting to talk to my account on this one, but I assume all the earnings are in our names. The rents need to come to our personal accounts, etc. We can't attribute any of it to our new LLC (for this new property, we are keeping it separate from the commercial property on purpose) until the LLC owns it, correct? How does depreciation, etc change when things are transferred? Is there a guide for how to do this properly?

Thanks in advance!