The rent just transfers from the tenant’s bank account to yours each month automatically.

We want to limit our risk, and transfer the property over to an LLC once purchased.

Insurance, banking, e-comm fulfillment, apparel are all well represented.

And now found that city is about 12 months behind with  title transfer recording. 

Estopple Letters are always recommended on any transfer of rental properties.  

Getting creative here: Would it make sense to Start an LLC, transfer the house and "Sell" one of our cars to the LLC, so we may deduct it as a business expense.

We setup an LLC and will transfer the title there.

Since you have probably filed a tax return the bank will look at your schedule E to see if you are breaking even on your rental property.Guidelines are always changing so I recommend you reach out to a local lender.

Additionally, if the seller has previous Schedule C/E and you write a letter to the underwriter that you are planning on continuing the same business model, it's possible they will consider it. 

You’ll want to keep this list of names, phone numbers, and e-mails handy for later.When you contact the agents via e-mail or phone, they are going to get an idea of what you are looking for and quickly determine whether it’s something they can help you with.