re: First time rental property purchase: LLC or not worth it for one property?

Lot of LLC misconceptions on here. I actually practice asset protection here in FL. LLC creditor protections vary widely from state to state. Generally, single-member LLCs provide very little creditor protection. Multi-member LLCs will provide more creditor protection depending on the state. Here in FL, a property set up and run multi-member LLC is an extremely affective creditor protection tool.

Single-member LLCs aren't a complete waste of time, though. Single-member LLCs are helpful if you want to insulate the rental in an LLC and protect your assets outside of the LLC in case of a lawsuit (e.g. someone can take the LLC assets, but they can't come after your other assets).

I've never seen a lender exercise the due on-sale clause. As long as you're paying, it's very unlikely they will ever look into whether you transferred ownership. But remember, LLCs will cause higher insurance costs, higher tax preparation costs, and potentially higher lending costs.