Quote Originally Posted by jennipurrr View Post

Except for one we own outright, ours our mortgaged in our own name so a lawyer friend was really iffy on if deeding them to an LLC would even accomplish anything except more paperwork since the limited liability would probably not be valid.
Also, you may also be breaking the terms of your mortgage if you transfer ownership to an LLC. This is typically a state thing. What happens is that the mortgage company has a security in interest in your property, and they want that property to be in the same name as the mortgage.

On the tax front, kelli, you would have some federal issues. If/when you talk to a CPA be sure to tell them about the ~$50K in improvements. Some or all of that may increase the tax basis of the property, and potentially lower your taxable gain when you sell. Just an FYI.