Yes, you can transfer your properties to an LLC without refinancing, but here’s what to keep in mind:1.

That makes your bookkeeping easier, and it can also provide liability protection if you hold title in an LLC.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

In 30+ years we've been sued 1x (legal blackmail over a tenant's drunken trip/fall) which the insurance company settled for $1,500.00).We've been using some privacy tactics to keep our names off the county recorder and the target off our backs.Further, we review our insurance coverage and premium annually, just to keep on top of any changes.As with all insurance, it seems to be a waste of money... until you NEED it!

Under "Start a Business", choose "Limited Liability Company" and follow the directions.

If you do, you should expect a very aggressive challenge by the IRS.At $350K of combined value it might be worth the cost to get a segregation study if you intend to keep these a long time.

@Jon Ankenbauer you won't be able to keep the land separate from any future construction loan.

But, an LLC will not limit you from liability in total.

Often times they come back with a list of repairs that they would like to see to protect the home or mitigate liability. 90% of the time those items were on our list to fix anyway, and sometimes we even haven't done before we get the letter from the insurance company.

At another property with just the sidewalk I let the tenants take care of it, but the liability of these steep stairs makes it too important for it to be haphazard or me having to scold them to shovel and salt the walk and steps.I know in snowy areas people with houses contract plowing for the winter at a flat rate.