Family Real Estate Gift
Happy New Year, everyone,
I'm looking for some advice on a family real estate deal. Basically, I am providing them a lump sum to pay off their debts and in return, the taking ownership of their home. The plan is to lease the property to them at their current PITI payments for two years, at which time they will move and start renting the property to tenants. How should we go about transferring the property, and what are some pitfalls for which to watch? I'm in Texas.
Thank you!
LT