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

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

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

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.

And lastly, you are only as good as the internal rep you get, don't be afraid to ask for someone better if your rep can hardly fog a mirror.  

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

It makes transfers(if required) much easier.

But my internal returns on my rental houses is much higher than 50% when you factor in leveraging a 20% down payment.

Like @Ryan Moyer said, there's a lot that internal google departments don't seem to communicate with one another