How do I transfer a rental property (and insurance) to an LLC?

[Jeff M.]

Hello,

New Member here. I'm in escrow on a rental property in Los Angeles. This is my first (US) property purchase and I'm using a company that is a realtor specializing in rental properties, with a management company under one roof. We are in the final throws of negotiating repairs with the seller but I hope to close early next week. My question is about an LLC... I've read much on these discussions about putting a rental property behind an LLC. I've set up another LLC for my primary business before, but have no idea how to transfer a property deed into one. And what about insurance? I'm in the middle of setting up insurance for the rental property and have two policies pending (the property is two separate buildings, it's a long story, but two policies required). I haven't yet involved a lawyer in the purchase. The matter of a lawyer has not come up yet in my dealings with the realtor or mortgage broker. I'd love to know more about the process of safely transferring a property to an LLC and having it properly insured.

Thanks