Quitclaim Deed/Rental Income for Joint Tenany Title

[Sean Forner]

I just purchased my first rental property. My father took out the loan with my mom as a co-borrower. I was placed on the title, but not the mortgage. My parents want to remove themselves from the title and give me full and clear tiitle. How should we go about doing this and how should we record rental income for the first year and record taxes?

Just so you know my parents want me to collect all of the rental income and I will be paying the mortgage.

Please, any help with this would be great.