Keep your mortgage servicer happy (by paying on time) and you can certainly transfer the deed to your LLC or Land Trust or whatever other strategy you need to do.

I gave them notification that I will be raising rent on this new contract.Should last months rent that they paid in the beginning just get transferred to the new contract plus the rent increase?

You can't just transfer a rental property to an LLC.

They are transferring a legal right in the property for consideration.

After that, I would like to rent it out.With that said, should I buy it under my name and then transfer it to the LLC when the time comes to rent it out, or should I buy it with the LLC immediately?

The Seller's bank needs to be notified of the title transfer, right?

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Before death, property was transferred into an Irrevocable Trust, of which I became Trustee upon death.

You would transfer it to your bank, just keep those records.

And the credit.... well it went off our personal credit( again the idea of spending another $3000 for this was so they would transfer our new found personal debt into business debt so our credit scores we worked so hard for would go back up.