Gift rental to my sister?

[Octavio Correa]

Hello BP i have a little situation and need some advice/experience. My dad wants to pay off one of my rentals (i lived in that property for 2 years) and have me gift the property to my sister. I guess i can do a quit claim deed once the property is paid off? Is there any tax implications i should be worried about other than the profit i would make? I was reading something about a gift tax? 

Property is located in Houston TX