Purchased the property using HELOC, then BRRR, then Refi and LLC

[Timz Valenzuela]

Hi BP Family,

I would like to request for some advice. 

I have purchased my first REI using my primary home's HELOC (purchased a small duplex) and I plan to utilize the BRRR strategy then refinance.

I would like to form an LLC but I would like to know if it is better to refinance the property first under my name then transfer the property in an LLC via quitclaim deed after cash out refinance? From what I have read, banks would not loan to new LLC's without proof of income.

Furthermore, I have inquired for a lawyer's assistance with LLC formation and he quoted me $2000 to $2,500 for professional fees. I am just starting with my investment and I am quite unsure if it is wise to pay that amount of money for a simple LLC formation as I only have one property for now. Please advise. Thank you!

Best,

Timz