I feel like I should transfer some personal funds to make sure this property is well covered before I purchase my next rental property. 

When you do a 1031 exchange you are in essence transferring the adjusted basis of the property to the new property.  

. - I would speak with an attorney regarding transferring the equity to your businesses.  

Hey Deepanshu - you would likely need to state that all personal property being sold has no transfer value or have a separate contract for the sale of the furnishings.

You’d still be using your funds, but by delaying ownership transfer, the expense would fall under your ownership period, making you eligible for depreciation.Discuss these options with your tax advisor to ensure everything is structured properly for IRS purposes.

My only suggestion is that you research the transfer tax in those areas.

This way there will no be loose ends and title transfer will be clean, you wont even have to issue a quit claim deed.

It is difficult to maintain, it scratches, it warps, it stains, it needs to be cleaned with cleaners made for wood floors, pets tear it up, it transfers noise, it shows wear patterns, etc. 

Some states require a long formal court process, during which time the person in charge (executor or administrator, aka personal representative) may have certain interim powers to sell real estate before distributing to heirs or beneficiaries.Other States make it possible to get a single court order distributing real estate to heirs or beneficiaries without the need of the lengthy interim (formal) probate.Still other States permit a really informal, simplified method of transferring real estate from a deceased person to their heirs without court involvement.Hence, you you've got to know the State, the basics rules for that State and what's required to purchase in order to know when the sweet spot to market to a probate seller is.

Some investors prefer buying properties personally and transferring them into the LLC.