Dreaded LLC v. Personal Property Conundrum

[Jordan Napoli]

Hello Everyone,

I've been waiting on a post and monitoring some of these similar questions for quite some time but now have a conundrum on my hands in which I'm trying to figure out a relatively simple answer for. I'll try to be brief as possible with the hope that someone may have a great answer on hand.

My wife and I currently own a rental property which is under our name. We recently started an LLC and opened a business checking account at a small local bank in Wisconsin. To many peoples suggestion, the LLC was formed simply for the protection issue, but now finding out it's very hard to transfer the property to an LLC.

To make things a bit more complicated...We have new tenants moving in shortly and have the lease, security deposit, rental checks, etc. all written under our LLC name rather than our personal names. We also are seriously considering refinancing the property (not commercially) since I cannot transfer the deed to the LLC to easily...

So my question(s) are:

1.) Should I rewrite the lease to include our names or leave in the LLC? And should our tenants also write our checks to the LLC? (I've heard some people use this as a property management LLC scenario.)

2.) Should I close the business checking account, abandon the LLC, altogether and just go with the umbrella policy approach?

3.) If I remain with the LLC and deposit all money through the business checking account will I run into any tax or legal issues?

Thanks to anyone who may have had this experience previously!