Brian,
I'm relatively new to REI myself (1 property currently), but my CPA told me that most banks will not write a mortgage with your LLC because more than likely it has no credit history. So I went with the idea that I would purchase the property and then do a QC deed to move it to my LLC. My attorney advised me to get a letter from the lender allowing me to make that move....they wouldn't. And I've found out since that most lenders don't allow the move to an LLC through a QC deed because it technically invokes the "due on sale clause" and they COULD demand the balance of the mortgage. A lot of investors still move their properties to an LLC with a QC deed, but it's one of those things where they're just gambling that the lender won't check it and invoke the DOS clause. Though I think that's reasonable, I've decided to keep my property in my name and I've purchased an umbrella insurance policy to protect me from a liability standpoint. As I get more properties I will probably begin moving them to my LLC.
I'm obviously no expert on LLC's, but to my understanding the LLC doesn't get you any extra tax incentives, but it is a way to shelter yourself from a liability standpoint. I think it's more about how scaled up you are though.
On another note, I'd love to meet up over coffee or something sometime to discuss goals and compare notes. I'm trying to build an REI network in the area to learn more about the market trends.
