(Plus, you've got all sorts of liability if you don't do that and something happens.) 

There are a lot of legal things to consider with subject to and wholesaling adds another layer of potential liability.

As the saying goes, this is a liability purchase not an investment.

Either way if we wholesale we will make ourselves liable in the event of not performing and 98% of the time we close and then re sale, even though is legal in the state of Florida to assign a contract with or with no liability..On the AS is standard FARBAR purchase agreement from the Estate of Florida on point 7 page # 2 you will be able to see it where wholesale comes in place.

In my experience, there are two main reasons to create an LLC; tax liability and bodily injury liability. 

In addition to the liability issues you mentioned, with income property one of the best things are the tax advantages, and if the property is owned within an IRA you miss out on some of those.

Oil tanks can be huge liability if not properly maintained and eventually closed out.

You don't know what other liabilities the LLC might have incurred hence don't want to get stuck with an undisclosed debt in addition to the property that you thought is just what you were getting.It sounds like the issue is something that could be addressed contractually or through some other device where you could explicitly and specifically state clearly what interest is being conveyed along with the LLC, and could name the specific property (or properties) in question.

From a legal liability protection perspective, what difference does it make if I purchase the property with my name first and later transfer it to a LLC?

We already have a commercial insurance policy in place with 2/4MM liability but still would like to have the protection of the LLC, as well as build credit in the LLC to be able to buy future properties in the LLC name.