Company Structure Strategy... ideas

[Darrell Burchfield]

Back Story: I purchased a very nice Duplex 10 years ago. I really did not know what I was doing however I made it work. I have lived on one side and rented out the other side, depreciating the rental side. I do not currently have an LLC in place this was just my name on the property and on the income tax forms. For only having one property I'm sure this was fine. I carried enough liability insurance and home owners to protect me..

Current Situation:  I'm an IT manager in a large chemical corporation that is going through two major mergers this year. It is highly likely that I will lose my job. So I'm prepping to move out in the coming months and rent the other side out. I'm not positive I'll get laid off but either way I plan to move and make the other side work for me.  

Question: Should I consider creating an LLC and move the Duplex into that LLC and if so are their complications on transferring or selling this to the LLC - I'm sure their are but I'm looking for things to consider and or ask a financial adviser as I don't know what I don't know. I thought of this idea just incase I had some financial issue personally during the layoff period... I don't have issue and will plan to find a job right away but you never know and just trying to plan ahead.

Any thoughts / suggestions?