After clarification of the policy you can transfer title into an LLC after closing. 

So even though property values may have skyrocketed, the taxing authorities aren't able to jump the taxes as much because of the limits the grandfathering puts in place.BUT... as soon as you buy a new home, or transfer it to a new entity (think LLC)... all that grandfathering goes away, and the taxing authority will bring  you up to that new Just Market Value".  

But like Patrick points out, each city has their own processes and some have point of sale violations, and Cleveland is supposed to start doing this in the fall, so the best thing you can do is to find an experienced agent / broker who can help navigate these issues with precision and ease!

To set up such a trust, including getting assets transferred in where appropriate.  

If there is anyone who is using a trust to transfer mortgages to their LLC, I would love to shadow and learn more.

With the loan transfer from yourself to LLC you never had the bill due on sale/transfer happen to you? 

The QI is just there to receive the money from the first sale and pay the next, so that you are not taxed on that transfer. 

Submetering (if passthrough billing is implemented) is also annoying - as well as if you have to transfer utilities to your tenant and back routinely.Was wondering - how large is this pain point?

The general IRS test on determining acquisition date (this I have had to dig into a number of times) - do you have all the benefits and burdens of ownership, regardless of when title is transferred. 

I originally created an llc to purchase the land, however decided after to buy it in my name and transfer into the llc after the house is built, rented, and refinanced.