I have a property that is currently owned by someone I trust 100% not to screw me. Seriously, they won't. 

The title to the property is currently in their name, and they are willing to either 

1: Sign the title over to me.

2: Leave it in their name. 

In either case I would take over everything to do with renting+maintaining the property, and, if it remains in their name, they would add me to their will so it goes through probate easily. Neither option will cost me any money, aside from (minor) attorney fees (and possibly a small tax bill for income tax). The property is 100% owned by them (no mortgage or financing on it).

I'm currently outside the income level bracket where I can take losses on property (I could only use it to offset other passive income). 

A mortgage broker I talked to recommended I leave it with the other party, since it's one less headache I need to deal with when submitting mortgage paperwork. 

I realize this is probably a bit outside the normal question around here, and it might be better if I talk to an attorney or CPA about my options and which would ultimately be better, but I figured I'd get some preliminary thoughts / figure out what questions I should ask them...