These services are transferring live owners who have agreed to a certain % of the zestimate. 

What are the differences in transferring with a Quitclaim vs a warranty deed? 

If so, you must report the sale on Form 8949 even if you have no taxablegain to report". 8949 reflects the depreciation which transfers to Schedule D.In this situation, I do not believe there is a need for Form 4797.

Then if you want LLC as asset protection, you have to transfer the property to the LLC to hold the title.

Yes I just realize this..I need to "crunch" the numbers to have an idea of how much I would pay every month..if I take..like $50k every three months 3 times..I could not find an heloc calculator that allows me to calculate precise monthly payments..Any ideas?

We are considering transferring the title of our new rental into an LLC partnership.

Is it recommended to have a separate checking account for this or we can get it transferred to our personal checking account?  

I've been mostly torn on this issue, which is why I haven't transferred it out of my name yet.

Next, create a quit claim deed to transfer your property to the LLC.  

It makes transfers(if required) much easier.