Switching title to the LLC could be a breach of the mortgage and require you to remortgage. Although it you have sufficient equity and keep the payments up to date this is unlikely.
It will also be a heads up to the Local Taxing Authorities that it is not owner occupied so the property taxes could double if its currently "homesteaded" for property tax reasons. Please take note that if its "homesteaded" you are subject to interest and penalties for all of the last 4-5 years of unpaid property taxes at the non-homestead rate.
You could also be renting it illegally without a rental license.
The above said, if you switch it to the LLC, withdraw the homestead tax exemption, get a rental license... you may be able to go forward and after several years the taxing authorities may not realize it should have been homesteaded for all those years and you could get a break.
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There are numerous factors that must be considered. For example, your mortgage may be called in for 100% payment, there could be estate and probate tax consequences etc. Generally speaking such a transfer can be done but not without considering the possible legal consequences. You should contact an attorney for direction.
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With the warnings issued by the other answerers, Yes!
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