Transferring a Property into an LLC

[Graham Storey]

Hey everyone! Hope you all are doing well. My wife and I just moved out of our primary residence (held in our individual names). We are now going to rent the property at out as a traditional rental. I know an LLC is important when dealing with tenants and liability. I have heard a lot of people suggest a Deleware LLC or Wyoming LLC. I am in Durham North Carolina. Is that necessary?

What would be the best course of action? Transferring the property into an LLC. Is that costly? Also will it trigger anything with the bank (I have already talked to them and they said I can rent the property out).

Let me know your suggestions. Thanks in advance!