Irrevocable Trust question for the Tax and Legal Pros!

[Rich Hupper]

Thank you to anyone in advance that could help me with this loaded question / situation. 

My father use to own a piece of industrial land with two commercial rental bays on the lot. 

About 9 years ago he transferred title of the property into an irrevocable trust.

Now he is the trustee, myself and three other siblings are the beneficiaries. 

There is no mortgage on the property

Property taxes have been paid every year and are up to date. 

A mechanic tenant has rented one of the bays for the past nine years with no interruptions in rent payments. Roughly 2500/m.

My father has ran his wife's business out of the second bay. That business has never paid any rent to the trust.

The trust has never reported rental income. 

My father no longer wants to be the trustee and wants me to form an LLC to take the trustee position.

He wants my newly formed LLC to start reporting the current rental income so the company can can eventually mortgage the property.

The LLC will use this loan to construct 5 additional bays on the property.

If NOI right now is 1500/m and the property is used as collateral how long would it take to the newly formed LLC to qualify for financing as the trustee.

Also what % of the NOI should be dispersed to beneficiaries and how often?

Would I lose my beneficiary position because this is an LLC I created?

Would it be smarter to create two LLCs? One for the trust and one for the management company?

I do not know all the laws surrounding irrevocable trusts, so I am sure I am not asking the right questions. 

My main objectives here are:

1) not screw over any of my siblings

2) start growing a business that banks will enjoy lending to

3) improving the land with 5 additional bays

[Rich Hupper]

@Bill Gulley @Matthew Kreitzer

Thank you both for your replies. I am going to meet with an attorney tomorrow to discuss the best course of action. My ignorance about trusts in general are preventing me from fully understanding your responses. 

I will update the post when I know more. 

Also perhaps I could hire @brandon hall for his tax services.