Options for least exposure when moving property into an llc

[Laurel Williamson]

I am super new to learning about real estate financials, so please excuse if some of this doesn't make sense.  My husband and I bought a rental in 2022 for my college son and friends.  Due to multiple offers, we paid cash, but have a mortgage on our primary.  We have a personal account for rent and expenses.  I have read I need to set up a business account and not to co-mingle funds so I am working on that.   We set up an llc, but have yet to do anything with it. I also read I need to move the rental property into the llc to protect our other assets in case of a lawsuit.  Because the property is paid for, it is a fairly large amount that would be exposed even in the llc.  How can we limit the exposure?  Is there a way to move the property into the llc, but not have all the money in it?  For example, to take out a note to where the llc is borrowing money from us?   And if so, are there tax implications?  What are our options, if any?