We are using a 1-4 Residential Loan under our personal names with plan to do a Deed Transfer to put it under my LLC post closing.

If you set up a basic LLC for your business it is typically irrelevant for taxes - it's called a pass through.

This being the case, I wouldn't imagine my taxes are all that more complicated  for 2018 than last for 2017; but then again I didn't own an LLC or take any loans out in 2017, so maybe they will be. 

✓Requirements for a Delayed Financing ExceptionThe original purchase transaction was an arms-length transaction.For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility RequirementsThe borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

Thinking of an LLC, but not sure if I should designate it as a sole prop. 

Thanks, Melane investments LLC

Contract is under my partner's LLC.

Pass-through entities are Schedule C businesses, partnerships, S-Corporations, and rental businesses (Schedule E) and LLC's who are taxes as the above entities.The income from each entity is treated separately, therefore, a loss from one entity cannot offset income from another entity.Capital gains are excluded from the the pass-through deduction calculation.

Is it best for us to try and make an LLC for this?

When flipping a assignment contract is it a good move to have a llc company name or use your own name