liability issues!!

[N/A N/A]

Just went under contract with my first single family 5 BR row. I have some liability questions that I am really concerned about. Yes, I should have taken care of these issues before hand, but with this being an estate sale the price was right. Was on market for a week with 4 bidders(including me). So here are my questions: Can I transfer the property into a LLC after I make settlement. Can I use my name with a PO BOX for contact info, or is that pointless. No company name set up as of yet. I will have plenty of insurance set up, but I am hoping I didn't put myself behind the 8-ball on this first IP.

Thanks in advance for any help!!!

[Greg Boots]

Yes, you can transfer the property into the LLC once you take title. If you are using traditional financing the lender does have the ability to accelerate the mortgage on transfer. However, based upon market conditions lenders are not rushing to foreclose on properties that are current in their payments. If you are not using traditional financing it is a non-issue.
When the LLC is created there will need to be a business address listed, often it is a good idea to use a different address other than your home if you don't want your tenants knowing where you live. You will also need a resident agent. You can be the resident agent, there is no liability exposure and if the LLC is created in your home state there is no sense paying another person to be your resident agent.
Until you have tenants in the property your liability exposure is virtually nonexistent. So you have time to get the LLC established and the property transferred over.