New LLC or existing Corp

[Jim Douglas]

I am in the process of buying a peice of commercial real estate with my sister. My last post has the details if you are interested, but here is the short of it. My sister and I are buying a commercial property from our grandmother. We will be putting little to no money down, so she will be owner financing a 5yr balloon mortgage so we can build enough equity to refi in 5 years.
My question is regarding the purchasing of the property. Our father owns multiple commercial properties that my sister and i manage already. These properties are owned by a corperation. Our options are start a new LLC to purchase the property, or have our father partner to buy it in the name of the coorperation. Having the coorperation purchase the property would be favorable to the seller due to the equity held in the other properties and corporation itself. It would also take the debt away from our personal credit which may be an issue for both of us. The question then becomes inherating the cooperation or buldings when that time comes. I am concerned my father would have to pay gift taxes on the properties when he passes. Are there any ways to avoid this, ie. us becoming actual partners in the corp as apposed to employees? Thanks in advance. Hopefully this all makes some sense.