Scored a deal—what next?

[Constancia R.]

About a month ago, we closed on a duplex that needed cosmetic work and a few minor repairs, which are almost done. I have searched through the forums but still can't decide what our next move will be.

We paid cash and plan to hold the property. Once tenants are in and start paying, we want to refinance as soon as possible so that we can begin looking at another property...though we do understand that often there is a holding period.

We think it's wise to create an LLC and transfer ownership. Since we want to refi, which should we do first—that or the refi?

I'd love to hear your suggestions, warnings, experiences, etc.