Grandfathers Property I want to Rent

[Andrew Grimmett]

This is actually my Grandfather's property that I am trying to get him a monthly cashflow since he is now in an assisted living situation. He gave me the property (through a Quit Claim Deed) but his name is still on the mortgage (which I have now taken over payment for). It didn't feel right to take the income so I am giving it all to him. I put 35k of my own money to rehab the property and get it rental ready and opened up an LLC.

Really what I want to know is:

1. If this is legal for me to rent it out for him and handle all the money side of things? (he is fully in the loop and appreciative

2. What sort of issues could I have by taking over the mortgage and renting the property out with the lender

3. Can I write off any of these rehab expenses on my taxes?

4. If I have had a notary sign the Quit Claim Deed as well as my grandfather, is it a problem that I have not filed it yet or can I do that some time in the future? Is there a best way to handle that?