If you are planning to use Fannie/Freddie loans for your next residsntial property (which are the best finacing vehicles upto 10 loans for single and 20 for married couple) no lender will allow you to close and take the title in the name of an LLC.Only commercial loans or private money and a few other types can be closed in the name of LLC but not for Fannie/Freddie reaidential conforming loans.People take the title in their own name, setup a single member LLC and then transfer the title into the LLC

Once the house was good enough for the bank to give me a home equity line of credit, I transferred the balances of my debt before the 0% interest period ran out.   

And also transfer fees?

It happens if they have no other offers and wanting to get the property transferred to you.

Generally, the estate transfers to the next of kin (the son) if not otherwise designated. 

You still need insurance and umbrella insurance, so what @Ashish Acharya and @Dmitriy Fomichenko is valid, but 1. insurance doesn't cover you in all scenarios and limits and 2. is not doing anything for you in case of an "external" attack (as with the case of a malpractice lawsuit).You might be able to get the FHA loan and then transfer the property (with a warranty deed!)

Other wise, you will have one tenant that can suck up all the data and leave the others unable to have what they need. 

Who knows, you just may standout from the crowd with the good data and diligence passed on

I am very good with numbers and data.

If necessary, you can transfer the property back to your personal name and refinance using a residential lender, since it's 4 units.