Based on your response, it sounds like I don't have to change anything in TurboTax for this property when I do my taxes this year. I thought that I would have to get TurboTax to recognize the LLC and add in the new EIN#, etc. Am I correct in assuming that I don't have to change anything in TurboTax for this property when I do my taxes this year?
Many folks have this mistaken belief that putting their rental property into an LLC gives them some kind of "legal" protection for their personal assets, should they be sued by a tenant. That is so wrong and any lawyer who has a clue knows it. The legal protection of your personal assets offered by an LLC is about as effective as carrying bowling balls in a wet paper bag. That so-called "veil of protection" is easily pierced. It also doesn't make any sense, since all Rental Dwelling insurance policies come with an absolute minimum of $300,000 of liability insurance. If you feel the need for more liability insurance, then just increase that coverage and pay for it. It's cheaper than wasting your time (and money) putting rentals into an LLC.
On the insurance issue note also that the type of policy you have matters. I've seen people who converted their primary residence to rental property, yet did not update their property insurance. For your primary residence you have what's called a Homeowner's Policy. Rentals need what's called a Rental Dwelling Policy". So if renting property with a homeowner's policy on it and you file a claim, that claim will most likely be denied because the property is not being used for it's insured purpose. So check that if necessary.
You don't. An LLC is for reporting "earned" income. Rental income is passive, and is reported on SCH E no matter what. So if the only thing your LLC "owns" is the rental property, you have absolutely nothing to report in the way of income/expenses on a SCH C. Some additional information you may find useful also.
In order for an LLC to "own" anything, the LLC has to be listed as the owner on the paperwork (the title in the case of land). For real estate, if there's a mortgage on it you can't just go and change that yourself. Otherwise, when the mortgage lender finds out about it (and they will) the total balance due on the mortgage is due and payable immediately. If you don't pay it immediately, they begin the foreclosure process. In order to change the ownership of mortgaged property, you need the written permission of the mortgage holder to do that. No mortgage holder in their right mind will grant that permission either. Now I won't bother getting into the issues this can cause with the property insurance. That's a whole 'nother ball 'o wax.