SFR in Irrevocable Trust - Renting Out- CPA/Attorney Insight Need

[George Post]

Hi There!

My family has a 3/1 that is owned out right free and clear in Massachusetts. It is currently owned in an irrevocable trust, with my mother inlaw and aunt inlaw as trustees and beneficiaries (I presume this the correct structure). Initially, they were going to sell it and split the profit, but I explained the benefit of renting the property out, keeping the asset, splitting the cash flow as a source of retirement, tax benefits, etc.  My question is, what are the proper steps to take when renting out with this type of ownership? I presume we need a Dwelling Fire policy in the trust's name. How do we file taxes for the property? Do we need an Federal Tax ID Number? Does my aunt and mother in-law both get K-1's at the end of the year?

Any guidance would be much appreciated!

Thank you,

George