Quit Claim Paid Off Home into LLC

[Kha Nguyen]

My parents are giving up their home to turn it into a rental property. Is there a benefit to quit-claim the cleared home into my LLC other than asset protection? I was considering getting rental insurance to cover the home without an LLC. But I'd like to purchase new homes to diversify my portfolio by refinancing or getting a loan under the LLC. Would the LLC's income help attain loans easier? Are there any drawbacks to filing this quit-claim?