LLC vs. Refin under personal account

[Ping G.]

Hello Real Estate gurus,

This is my first post here and I would like to say thanks in advance for any insight and advice.

I am in Washington state. Here's my situation:

I just got a rental property from auction paid in cash plus my other properties' HELOC. Now I have three options below. May I ask for your advice on which route I shall pick?

1. Create an LLC and move the rental property there. Then, how can I pay my other properties' HELOC from the company accounts? It will be hard to get refin under LLC.

2. Get refined first under personal name. (I intent to apply HELOC on the rental property because of the flexibility. I can reduce the loan balance of HELOC anytime and there is no closing cost when I apply it). After a while (any time restrictions?), quit the deed to my LLC. Is this okay? If bank accelerate the loan, I can always pay back using other HELOCs. But same question again, how can I pay the HELOC or refined loan from the company accounts? Should the interest all go to Schedule A?

3. Just get refined then carry it under personal names. I do worry about the liability. Any recommendations on Umbrella insurance? Under what circumstance that Umbrella won't protect me?

If someone knows about banks that will lend to LLC, would you please let me know? I can certainly provide personal garantee to any loan to my LLC.

Thanks again for any advice.

Helen