All Forum Posts by: Dan Marriggi

The property manager or person responsible for taking care of rental

property must reside or have its corporate offices within 20 miles of

the corporate boundaries of the Municipality of Scranton.

So, if you life further than 20 miles away from Scranton - YES you will need a manager. 

Congrats on the new job.
Some things to keep in mind is to have systems in place : maintenance,bookkeeping,management, filling vacancies etc.
Know your SWOT  (Strengths, Weaknesses, Opportunities, and Threats)

The city requires a property manager if the owner lives more than 20 miles from the property.

Self manage - Its the no one can do as well as I can - mentality.

Seems like even the "good" managers have self lives.

I'll be spending every cent I have on me and my SO - Happy to help out the kids while I'm alive, but they need to learn to be self sufficient, independent and productive members of the planet.

partner with someone for this - you will gain the knowledge.

Good Luck and let us know how it turns out.

I created a similar event with my own dad and siblings. 
Your answers depend on what state you're in and its laws on property transfer. Some states allow tax and fee free transfer between spouses. This is an example of the fee structure in my state of PA :
(some real estate transfers are exempt from realty transfer tax, including
certain transfers among family members, to governmental units,
between religious organizations, to shareholders or partners and to or
from nonprofit industrial development agencies. Deeds to burial
sites, certain transfers of ownership in real estate companies and
farms and property passed by testate or intestate succession are also
exempt from the tax)

There should be no taxable event unless a sale occurs or when your dad passes.

At that point, you should receive the property at the stepped up basis as the life estate is null due to the death.
This is tricky - it will depend on how the deed is held.
You should check with the attorney who made the initial change and check with your CPA once you find the answers from said attorney.

speak to your tax professional before you do anything please. Otherwise you will be in for a BIG surprise come tax time.
Listen to Bill and Dave above !!!

You could become a writer ?
Maybe take this opportunity to move to a different location, get a good paying job.
Expose yourself to other people like you.

Maybe learn a skill/trade - hvac, plumbing etc.
Make youtube videos of your journey.
You are 24  - you have so much life ahead of you - get out there and make some mistakes !!!

Sell it yourself - you seem smart.
Get some professional photos.
Good luck - let us know how it turns out.