Setting up the LLC when house is outside LLC

[Jeremy Janszen]

Looking for advice...

My cousin and I went in and bought our first rental property. We bought it with traditional financing at great terms. We have an LLC established but I understand from the bank we cannot move the house into it. If we run all of our income and expenses through a single bank account under the name of our LLC, but the house itself is outside the LLC and just in our own names, will there be any issues reconciling that all of this together (LLC plus house) makes up the total business when it comes tax time next year? I just want to make sure we get all the credit for mortgage interest and payments and depreciation, etc., at the same time recognizing that the day-to-day expenses (bills, repairs, rent payments, etc.) are all part of the same P&L.

Any recommendations for how to get set up right the first time?

Thanks!