As a schedule E filer, my experience has been that banks are checking my net income per property plus W2 income against my debt as a whole while overlooking revenue altogether.

@Lynnette E.

Plus, if there is already financing on the property, many times there are provisions in the loan docs that state if there is a transfer of 50% or more of the company interests, it triggers a call on the loan.  

Can someone tell me where I would go to get a list of all the real estate transfers recorded last month that are in my county?

@Kevin Zolea and others realizing the pain of closing costs, don't forget that on a lot of loans, at least in PA, you are allowed to write into the deal sellers assist, sometimes up to the full amount of the closing costs OR you can always write into the deal the seller paying both sides of the transfer tax. 

Ask for a copy of the seller's Schedule E to check how much rents were received the past two years and what was spent in repairs. 

Thanks for you input Sebastian E. ~ I'll be speak with local Section 8 authority and review finances with banks or hard money lenders before I dive in.

In PA, you trigger transfer tax each time you deed the property into an LLC - so if you have the same rules in your state, that could throw off all your numbers. 

My VERY important question... can I move/transfer the 1031 into my personal name vs the LLC? 

The risk of buying the property in your name and then transferring to the LLC is that the lender may trigger the "due on sale" clause.