Turning our childhood home into LLC

[David Ortiz]

I see possible opportunities with my childhood home. My brother technically owns the property, but my mother & aunt currently lives there. My brother is in the process of moving to another state and he wants to address all issues dealing with this property prior to moving. He’s considering the selling the property and using the proceeds for housing and healthcare for our elderly family members. However, the sale will leave him with a huge tax burden he’s not willing to take on. I suggested to him that he transfer the property to a llc/Corp, where various family members are officers of the company. There’s no mortgage, so we can possibly use the equity to fund the purchases of other real estate properties plus take care of our mother and aunt. Are there any legal repercussions with my suggestion? BTW the property is in NYC.