Can I simply transfer money from my personal accounts over to the LLC or is there a more formal/official method of doing this?

Hi @Basit Siddiqi1) officially, no yet2) no3) yes

Where Do you end up putting the security deposit?

It sounds like your primary goal is financial security during this transitional period.

From your story I gather:first, you secured financing through an FHA loan with a 203K included (where you planning on living there for one year to meet the fha requirements?

From a viewpoint of maintaining W2 income to qualify for traditional financing I can understand it however when the ball is officially rolling and you have a fair amount of capital in your possession what has prevented you from taking the leap into a more full time and active approach to your investment dealings?

Our first property was under-rented by $200/mo, with no written lease agreements, no security deposits and no pet fees.

I anticipate on getting a FHA loan to secure financing. 

These people tend to be a bit more responsible, typically have a job, at least a partial security deposit, and actually care about their credit score.Regarding the specifics you ask for, you'll have to check with your local authority on their processes & procedures.

I learned a lot in the process, and here is my advice (some of it mentioned above.)Make your payments (duh)Get your reports and scores oftenannualcreditreport.com - Official credit reports from Transunion, Experian and Equifax.