Definitely be mind of the due on sale clause with taking out a HELOC and quit claiming into an LLC.

I owned my first property in my name, then quit-claim deeded it over to an LLC.

The insurance company was about to close their claim- without giving out the funds because the insured couldn't find anything to purchase to meet the insurance company's requirements to recieve funds.

They claim that the prior home did not give enough time and rushed the notice and caused emotional damage.

Considering that my parents and I are not Canadian citizens it adds an additional wrinkle to things as they or I are not able to claim this as the primary residence and avoid the capitol gains tax... a lot to consider and think about.

Like others have said, you cannot claim the tax losses until the funds are sold and "realized". 

When you do need an LLC is with MF properties or when you have partners.FNMA, FHLMC, FHA & VA all have due-on-sale clauses that may be triggered by transferring via a Quit Claim Deed (QCD) a property from your name to an LLC.

Also, we filed a claim this year due to the hail storm in South Milwaukee so our roof was covered in that. 

On the lenders title policy is an exception "Rights of claims of parties in possession not shown by the Public Records" which Sally was in possession of the property at the sale and the seller was basically fraudulent. 

In short, the legal support for this strategy is very flimsy, contrary to what those gurus claim.4.