To LLC or not?

[Sean Rogers]

I have two rental properties in the suburbs of Memphis, TN one has about 18% equity and one has 40% equity. They are both in my wife and my names not in a LLC. I know I need to set up an LLC to protect our other assets. My guess is I need an LLC for each property? How do I start? Can I move the properties to an LLC from my name? How do I handle taxes then? will I have to file my own taxes of my W2 and then one for each LLC? I have had one of them for 6 years, what will be the effect on my personal taxes? Do I quick deed it or sell to the LLC and if I sell does that trigger a gain or loss on my taxes? If a loss it seems like fraud?