Refinancing into LLC

[Brian Callan]

My wife and I moved out of our first home about 3 years ago and we decided to rent the property.  We now have a little bit of equity and very little cash flow.  We are basically paying the mortgage with the rent.   If I refinanced, it would give us a significant cash flow. 

My question is this:

What steps do o need to take to refinance this into an LLC. Right now we are liable personally and it's not set up as a business.

Will this remove the rental from my personal credit?

Will this begin a new credit history for a new business?

Thanks for any advice.