Switching Title of the property to an LLC

[Michinori Kaneko]

Hi, I just went into contract for my first rental property a week ago. the property i'm purchasing is already in contract with my personal name, as I read many articles about how setting up an LLC is overhyped. I had every intention to form an LLC eventually when my portfolio got larger (and my potential liability gets larger), but now i'm leaning towards having my own business account segregated from my personal accounts right away. Because of tight closing timeline i don't think I have enough time to setup the LLC and change all the paper work. So here are few questions I have:

1. Is it easy to switch title on the property from myself to an LLC I form at a later date? My property is financed via conventional loan. 

2. Obviously, my first few cashflows will be done via my personal accounts.  Is there an issue from keeping business separated from personal, if I maintained a really detailed excel file that lists all cashflows that's related to my business until my LLC is setup and I have a business checking/savings account setup?

3. which state should I form my LLC at? I live in NY, but my investment property is in Indiana.  I read an article online that even if you register your LLC out of state, you will still need to register the LLC at your local state as Foreign LLC (and you end up paying fees for both states).  

Thank you for your help in advance. 

[Johann Jells]

We ran our RE from a separate personal account for many years. No problems. As for banks calling the loan if transferred to LLC, there was a a podcast guest this past year who said it was basically unheard of, as long as they get their money they don't care. It was not a problem for us moving our buildings to the LLC. I can see a bank being annoyed if you already have an LLC, purchase personally, then move it immediately. But I'd still like to hear from someone who had their loan called.