Transfer rental property into LLC?

[Elliot Cole]

My wife has a condo she's owned since before we got married. She bought it with an FHA loan and it used to be her primary residence, and the plan is to keep it as a rental property. I have a number of rental properties in an out of state LLC, but given this is the only property she owns and it's in state. Does it make sense to create an LLC and transfer this property into it? Would it affect the terms of the FHA loan?