I plan to transfer ownership of a house (no mortgage), that will be rental property, to my LLC. I would like to open a LOC to have available for repairs and possibly to use towards purchase of more property. I have read recently that I should set the LOC up personally and not under the LLC to receive a better rate. I went to my local bank (CHASE) and they agreed. Once the LOC is set up and I then transfer the property to the LLC will the obligations of the LOC follow the property into the LLC? What kind of tax impact will this have either way this goes?
