Once a buyer arrives, transfer the title and carry the note for the balance. 

The title company that did the settlement offered a "gift deed" as a method to transfer ownership of the property, from my wife and I to the LLC.

or will closing costs including transfer and title fees, etc eat up a lot of it?

Also, my relinquished property did not have any debt.Can I purchase the property in a cash transaction and thus satisfy the 1031 exchange, transfer our interest in the TIC into an LLC and then cash out refinance to have funds ready for the next deal? 

I typically put aside 3% of the purchase price into a CapEx fund and monthly transfer 10% of rent.  

We will allow transferred appraisals from other lenders however most lenders will not.

I hear so much talk about the potential for loans getting called due when they're transferred to LLC's, but have never actually heard of it happening. 

Plus they will get their transfer $$ at the time of the sale.Does anyone have experience with this? 

The rent just gets automatically transferred from the tenant's bank account to yours each subsequent month.

The Seller is responsible for cleaning up the mess and transferring the unit to you in good condition, as advertised.