Switching to an LLC - logistics

[Cathie Kovacs]

So I'm finally setting up an LLC for a rental property I've held for decades. Now that I've done that and once I quit claim the asset to the LLC & open a checking account to receive rent & pay bills, then what?

Do I need to write new leases with the existing tenants under the name of the LLC?

Do I need to move existing security deposits into a savings account in the name of the LLC? Or leave it where it is in my personal name (separate interest-bearing account for this purpose)?

I also need to write a new insurance policy in the name of the LLC, right?

What else?

Thanks in advance