To answer your question: there is no "give back" mechanism for real estate. 

Maybe there is no straight answer but hopefully I can aggregate the responses to get an idea of what is possible vs what is a probable success rate is.QUESTION:  Can a person (me) who owns properties WITH a mortgages create an LLC and transfer title of the properties to the LLC   I understand the mechanics of creating the LLC and doing the work to transfer to an LLC. 

Mechanic, Magician, Mindreader. 

How is your 3M Talent (Mechanic, Magician, Mindreader)? 

On the other hand, if multiple units share a breaker panel, then you will need to rewire one, or more, units to separate the electricity.Water: If the building was a purpose-built multi-unit, there is a higher chance of each unit having it's own water line - either direct from a manifold in the basement/mechanical room, or from a trunk-line running along each floor.  

Somewhere between $20/sf and $250/sf, depending on:- Specific scope of work- Type of contractors- Level of finish- Type of house- Time of year- Your negotiating skill- Local codes/requirements- Size of houseIf it's a big house, there's no major mechanical work, you want vinyl flooring and Home Depot level finishes, you're probably in the $20-50/sf range. 

Mechanic, Magician, Mindreader.Coffeyville Kansas, a great place to invest in real estate but you wouldn't want to live there.

Being CEO of Tesla may not be possible for a 22 year old waving around a BS in mechanical engineering. 

Once the job is completed, you should receive a legal document from your contractor stating that you have paid him in full, and that he waives his right to place a mechanics lien on your property (this should include lien releases from sub-contractors, too).7.

How are the major mechanicals?