Purchasing properties with an LLC

[Garth Azevedo]

If I already own 3 rental properties personally, and then I create an LLC. Can I then use the LLC to purchase those properties from me. Say for example I have a property that I owe $60,000 the property is worth $120,000, can I then have the LLC purchase the property for $96,000. I pocket the $36,000 which covers the down payment I put on the property 5 years ago, and then use this money to invest into another property.