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?

[Bjorn Ahlblad]

@Elliot Cole I have an apartment building in an LLC and duplexes in my name. It just ended up that way and my lawyer says leave them that way to avoid a transfer tax. I lave a large umbrella for liability-would have that anyway. When I find another apartment building I will put that in an LLC, with separate CC's and bank accounts you get automatic year end statements and it makes everything that much easier. All the best!