Transferring investment Propoerty to Single Member LLC

Hi, I have a similar question with my rental property - I was considering transferring the property from my name to single Member LLC with me as a member.  Is this transfer considered as sale from IRS point of view? Will there be Capital gain on such transfer?

Also is there any rule for how much should be the sale price? as I can literally buy /sale this property to my own SMLLC at a price I wish to reduce my Capital gain?