When you transfer it to a LLC, that triggers that clause.

I need to tranfer that property to another LLC name and going forward it will file taxes under that name.How does the transfer work?

I typically request payment in the form of Cashiers Check or Wire Transfer.

You would be surprised how many there are, however, typically, listings that are in one, do transfer over to other ones, as long as that MLS isn't exclusive.

I believe they are paying market rent and have the option to terminate or extend upon transfer of ownership. 

We are the owners, but we go through a Property Management company who are technically the host.We are trying to work out the Pros and Cons of transferring the property into an LLC for liability toward personal assets. 

At that point, the money is transferred and the damage is done!

That way you get a structure much like renting it out, BUT wash hands of the big negative of that maintenance bomb because it's transferred onto the tenant/buyers.

2) Once we buy a property and place it in an LLC, can we own that LLC (or portion of it) personally for a while and then transfer to a Corp once we have enough income for that to make sense? 

Is it a simple as transfering money from one account to another?