I'm sure your mortgage has a due on sale stipulation, and they may consider the transfer to the LLC as a trigger for this stipulation in the mortgage. 

You will also need about 5k to 10k for closing costs, so what you would have to find to be able to pull the trigger would be a property 20% below appraised value in order to buy. 

You may have triggered additional income taxes that you would not have had if you had collected rent monthly. 

What if you pull the trigger and a real contractor says the rehab is $90k? 

What's up everyone, I'm Jesse, an Army veteran that finally decided to pull the trigger on an investment property after 10+ years of procrastination. 

The current market is so wildly overheated that even the worst dog of a property can trigger a bidding war, with offers that come in over asking, over appraisal, and no contingencies.

I have been reading this forum for about 3 years and my wife and I decided to pull the trigger on a 6 unit apartment building in our town that the numbers look fantastic on and we are very excited and eager to get started but are also terrified because of the amount of money we are investing in this and want to ensure that we do everything correct and to have the greatest ROI that we can.

That may trigger the due on sale clause however.

This means that as long as the loan was obtained on or after June 1, 2016 and the LLC you transfer it to is controlled by you, the borrower, then the lender must allow the transfer to occur without triggering the due on sale clause."

Before finding BiggerPockets I purchased the attached property and while I may have made a different decision after finding all of this information, I did make the purchase (via 1031) last summer and I'm generally not inclined to sell and incur the cost/trigger deferred tax on the property if I exit now.