Putting rentals in LLC

[Chris Drury]

Hi BP team
I am looking at purchasing 4 properties in the next 30 days but would like to put them in an LLC with my investment partner. Primarily to protect my other assets but also so we can claim expenses for taxes and not have to deal with the passive loss limitations. (I am not real estate professional). I am still going to have to personally guarantee the loan but that is ok.

Most of the banks require putting it in one of our names and then moving it over through a quit claim deed. I am not too familiar with the process and wanted to know what is involved or if this is the correct process.

I have 20% down and we are ready to proceed but I wanted to make sure I had the process down with an exit strategy for moving to the LLC. I have a good relationship with the settlement firm and may ask for a discount if they are needed twice to process the quit claim.

Please offer any direction.

Thanks
-Chris