Quote from @Julian Dragos: If you convert to an LLC, everything should be changed into the name of the LLC.

I would set up a family trust, if you have a ton of equity maybe you refi the properties into an LLC but if you are locked in with lower rates then I wouldn't touch the ownership piece yet. 

If they marked "corporation" (as opposed to LLC) - you don't need to send 1099s.

@Mary LopezYou could use a DSCR commercial lender which will allow you to close in an LLC with 30yr fixed options and better rates than normal local commercial lenders.

As for the living trust, I'm assuming you mean to have the LLC within the trust to avoid probate?

If you are looking for loans on real estate or a business lenders don’t necessarily care about the credit history of the LLC - they care about the performance of the asset and your creditworthiness since you will most likely have to sign personally.I have established multiple LLCs just days before closing on large loans for different assets, those particular entities barely existed and the banks did not care.If you are talking about pulling a business line of credit (like a HELOC, but against your business equity) then the banks like to see some history of revenue.

You could sue the LLC but I’m going to be they don’t have any assets. 

My properties are in LLC.  

LLC are favorite protection instruments of course and ideally per property and state specific.

Because you state your goal is to prevent liability I don’t think the LLC will do you any good.