Questions about putting a property into an LLC

[Robert Pahel]

Good evening, I am in the process of refinancing my current home to cashout, buy a second home as primary and keep my original home as a rental. My wife and I are on the deed to the first but she wants no part of the rental so I am refinancing on my own. My lender is telling me to do so in my name and then after closing , quitclaim the deed into a LLC. Here is where I want some insight on this because this is my first investment. I want the property in an LLC for asset protection. Am I going to run into issues doing it this way? Any help is greatly appreciated as I have to do this in a conforming conventional to make it work

[Mike McCarthy]

I tend to agree with @David M. I feel that the need to put rental properties in LLCs is overblown, especially if you are involved in management of them. If the tenant knows who you are, you're going to be named in any suit, LLC or not. Plus, if you're managing at all, at least in concept, you're as (potentially) liable as anyone else.

With decent insurance, an umbrella policy, and keeping the property in good repair, I believe you have your bases covered.