Primary residence to rental property

[Joseph Tolliver]

Hello,

I am currently deployed with the military. My wife insisted we move back home to Illinios. Our house in ohio isnt selling. I decided to become a landlord. I have a property manager in place to oversee the property. There isnt any equity in the home. I think the loan is just now getting down to the home value. Rental income should cover the expenses but not much profit will be made.

I have alot of questions but I will start with these:

Should I place this house into an Entity such as an LLC for legal protection? If so, how should i go about transferring it from my name to the new entity? Is it as simple as signing the deed over to entity and filing with the county recorder?

What insurance should I convert to? Basic landlord/rental dwelling insurance or should i add extra insurance or some sort?

Any other hints tips or advise for a soon to be first time landlord?

Thank you in advance