Hello All, my wife and I are in the process of buying our first house and are in need of a reliable GC in the NW Suburbs of Chicago. 

We already set up bank accounts in the name of the LLC, but not sure about what steps are involved in transferring the property into the LLC.

With a reliable history of on time payments I don't want to scare him away. 

I have not yet purchased my first primary residence but was wondering what the laws were in TX on transferring your primary residence to an llc after closing.

I had a friend here locally who had the bank call the loan due when they tried to transfer it to his name.

@Lynette Gryniak you can also transfer the appraisal saving you time and money. 

Using an LLC, it seems there are two issues: (i) loan originator will not loan to an LLC, limiting financing options (particularly ones with good rates) and (ii) if one is willing to originate in their own name then transfer to an LLC (accepting the due on sale clause risk), the insurance is now in their person name with the property in their LLC, raising insurance issues. 

That is why I recently got my real estate license so I could save on certain costs but also be a service to other investors in the greater Tampa Bay Area.If you are up for it, I second the idea of renting out rooms to military members who are here on a shorter term basis as they reliably pay rent, but you are able to get started at a lower price point that a triplex or quadplex.

I understand I cannot get the mortgage myself and then transfer it to the LLC neither... 

There are possible alternatives which would allow to you use these funds without paying taxes or penalties.First, you may wish to consider transferring the funds to a self-directed 401k or IRA which will allow you to invest in real estate without incurring taxes or penalties.