I just did this. I was scared of it at first and it turned out to be very simple. I bought a small 3/1 for cash - titled in my name. Then I changed it to my LLC name. Then I refinanced it to pull cash out and it had to be in my personal name for the refi lender to close the deal. And at closing I signed 2 Quit claim deeds to get it back into my LLC name. Steps went like this:
1) Bought house for cash - titled in my name.
2) Formed LLC online from Indiana Secretary of State's web site. Very simple. Cost about $95.00.
3) Consulted a local attorney to draw up an operating agreement for my LLC. Paid attorney.
4) Same attorney drew up a quit claim deed to transfer ownership from my name to my LLC name. Attorney filed Quit Claim deed with city recorder's office. Paid attorney.
5) 6 months later, worked with my favorite lender to get a cash out refinance for this property. The lender required a 6 month hold period and title in my name. I thought Ut oh! Now what? But it was easy! See next step.
6) Closing date was the exact 6 month ownership day (5/9/2019) . At closing, I signed 2 Quit Claim deeds. One to transfer ownership from LLC name (as previously filed by attorney) to my personal name, and second one to transfer ownership back from my personal name to my LLC name. The closing guy and I had a good laugh at this because it was merely 2 extra signatures, and two extra e-recordings for the title company. But it allowed me to be able to close the new loan and then change it back to my LLC.
If I had it to do over again - I would not pay the attorney. Establishing the LLC and the operating agreement for the LLC is something that can easily be done on your own. In Indiana - the operating agreement need not be filed with the Secretary of State - Just the Article of Organization for the LLC. These documents (Operating agreement and the Quit Claim deed) templates can easily be found online, filled in with your appropriate info, then recorded without having to pay an attorney. However, I chose to pay the attorney once so I would have a template to follow for any other properties in the future. I call it my cost of learning.
Hope this helps!
