First Property - Do I need to set up an LLC BEFORE refinancing?

[Matt Sears]

I own one rental property that I came into by accident. I used to live in a condo, I moved across the country, and now I rent that condo out. I've owned the condo for ~5 years so I have some equity in it. I'd like to refinance it to pull some money out and I'd like to do that ASAP. I've also decided that I want to set up an LLC for this property (my first time doing that) but I'm not necessarily in a rush to set up the LLC. Should I go ahead and refinance the property now, as an individual owner, or is there any tax/financial benefit to creating the LLC first and then refinancing? Is it even possible to simply "transfer" my existing mortgage to a new LLC? I don't know much about how that transition works. I.e. When I create the LLC, would I basically "sell" my condo to the LLC?