If you plan on transferring the property into an LLC (which I agree with @Jonathan Klemm, is not always necessary or recommended) then you will have to register is with Indiana at inbiz.com if you did not form it in Indiana. 

I would rethink actually transferring the deed to a buyer if you are still on the hook for the note.

Now the trick with chase cards is to open a sapphire card(either work) and use them to transfer to Hyatt, or an international airline.

I'm curious about how they are able to convert your business credit cards into a cash line of credit while avoiding the high balance transfer interest rates.  

If it's possible still, it would be better for the grandmother to keep possession of the house and have the ownership transfer upon her death due to the step-up in basis the house would get.

Ownership of the Property:**The ownership transfer will be outlined in the contract.

In Lackawanna county (Scranton area) for example, I always recomend looking in the surrounding neighborhoods of Scranton in addtion, as the rental rates are the same or higher, the turnover seems to be less, the taxes, trash fees, transfer tax etc are lower, and the neighborhoods seem more stable for appreciation.

(I know the gist of all of this - but not the specifics... but enough to point it out to you...)So be aware that if you transfer the property to an LLC - your county will likely treat this as a transfer of ownership (like they should)... the LLC is completely separate from you - even if you are the sole owner.  

It's basically the same in every state: the lease transfers with the sale of the property and the buyer has to abide by it.

Be careful, since this is only for a Person and their primary residence, transferring to an llc may void this.