Legal Structure or Own personally

[Ruchin Patel]

Hello, We have just got into our first property in Edmonton, AB. We have removed conditions and now are working with the lawyer to close. The plan is to build legal basement suite and rent out both units.

Because this is our first deal, I am thinking about keeping it in our personal names but I want to know 

1) if it will be better to keep it under a corporation or LLC.

2) The reason I want to keep it personally is we have got nice rates on our mortgage and I assume the lender will not like if I ask to keep it under a corporate entity. Will it create complications between the lander and us if I want to keep it under a corporate entity?

3) Is it fine if we buy and transfer it to a corporate entity later? or it is good to start with legal entity?