I read that for payments processed electronically (credit cards, bank transfers), we do not need them to fill a W9, and it is only required if we are paying via checks or cash.

@Trevor MarvinYes, you can transfer property to LLC later, even with conventional loan.

If you transfer your rental property to an LLC, do you notify your insurance company and have it changed to a commercial policy at that point? 

Transferring the property into an LLC.

Question 2:Should I make my LLC the landlord on the lease, and how long should I wait to transfer the property to the LLC? 

Go to a state that you can make money in and doesn't have these type restrictions and red tape.

You have to build the form, send them the link, transfer the data from the form to your screening service, etc.Sign up for one of the MANY tenant screening services.

Depending on many factors with a property and what other renovation costs were going to occur if the septic system was otherwise in pretty good condition I would personally continue using it for a few years while I got the building under control and some solid CapEx built up before transferring over to the public sewer system.

It was previously bought in the 1970's and transferred to me about 7 months before it sold, in 2018. 

@Ceaneh Alexis Make sure the security deposits are also transferred to you at closing.