Primary house needs major repair, want to fix and rent. LLC?

[Leslie Baker]

My primary house needs major repairs and I have been planning to fix and rent it out. I moved out of the house 5 months ago so repairs could be done. The repairs will be over $40,000. Should I do this as the owner of the rental and write off expense (over the years) or form an LLC and write it off as a business expense? FYI: The repair work is crawlspace/vapor barrier/sump pump/dehumidifier and outside drainage along the house and hurricane windows.

If I form an LLC, will I need to re-finance with a business loan? I have a Due On Assignment clause.

If it is too late to form an LLC as repairs need to be done asap, are there any rules I need to know about turning this property into a rental under my name? I do not have an umbrella policy yet.