To LLC or not to LLC? The bank's opinion.

[Account Closed]

Hello everyone,

Looking for some guidance from experienced minds here before I make a mistake. I would very much appreciate any help with this decision. 

I'll (try to) keep it short. There is a property that my grandmother purchased for me a few years ago. I would have bought it myself but there was no way a bank would lend to a 20 year old with no credit and little income. So, the mortgage and the deed are both in her name, I am not in any paperwork. It is time to change that so I can begin reporting the rental income directly in my name. I will be adding my name or an LLC to the deed so I can legally be considered the "landlord" and collect the rent in my name.

The bank that holds the mortgage has OK'd the quitclaim as long as her name also remains on the deed. I also already have an LLC set up. But here are my questions..

When it comes time to buy another property, how will the bank view the rental income if it is under the LLC vs under my name? How will it view the LLC having the asset/equity vs me having it?

In other words, will one option make it easier on me next time I stroll into the bank looking for a mortgage? I am interested in the protection that the LLC offers, but my main priority is acquiring another property as quickly as possible. This is a problem since I am a student with not-so-great income. I need all the help I can get when facing a bank later.

Also, what can I do about the mortgage expense? It is not under my name, but I am paying it. How and where would you report that? 

It's a strange situation that I can't find much info on. I greatly appreciate any advice you can give me on these topics. Thank you all very much.