For house flipping, I am also looking forward to utilize my construction background and expertise.

I look forward to gaining knowledge and expertise form you!

When done correctly this method can provide liquidity, guaranteed returns, security from creditors, disability protection, and finally a death benefit.  

I've been lurking somewhat and responding to questions within my area of expertise for about a month now, but this is my first post to Bigger Pockets.

It looks like this might be your area of expertise? 

Wholly owned subsidiaries only offer qualified asset protection.

The downside is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

I plan on forming an LLC for the rental but want to know if it is necessary to transfer title to the LLC or if there is another way to get the same liability protection?

The pros I see for starting an LLC now are:-Legal Protection-Builds trust/credibilityThe only con I could see is:-Up front cost (I could use the money towards another property instead)

Appraisers are on the side of protecting the bank but are supposed to render honest and fair opinions.