Suffice to say, the deal is off and the bank is going to begin foreclosure process and most likely open bidding to the public I reached out to the bank, and they mentioned I could potentially “buy the note” from them so at least I could secure the property for my church.

Plus LLC is not going to protect you from any lawsuits that have merit.. and unless your have massive equity in your properties your not going to get sued to start with.

It could have been that he meant to say "our units are not approved by Section 8", which would probably have been ok.People who receive any kind of public assistance (Sec. 8, TANF, SSI, AFDC, etc), are a protected class in Mass. 

@Franka Hauck - You most likely couldn't put the rental portion into an LLC while keeping the primary residence portion in your name unless the property is split on the deed, or it is setup as a co-op or condo type situation.Keep in mind, the purpose of an LLC is asset protection.

Andrew,From your post it seems that you are the property owner and you are leasing the property to a company that provides Assisted Living facilities to the Public.  

When do we transfer the title to the LLC so that we protect the liability of our assets?

They will collect an application fee and perform their due diligence They protect you and themselves.

Feeding it when it's renting for $2400/m ... in a naturally supply constrained coastal area ... with Prop13 tax protections ... and a growing market ... is, different.In that situation, it doesn't take much for rents to rise 10%. 

You've traded 'asset protection' for limited financing options.If you don't care about getting spam e-mail the rest of your life, try lending tree or quicken/rocket mortgage maybe just to see.

So I am stuck with being limited to just any publicly traded stock, reit, bond, mutual funds, ETFs.I could just buy Berkshire Hathaway stock or something which is likely to hold up and perform well over the long term.