All Forum Posts by: Juan Valdes

This is my first post and not sure if this is posted in the correct spot but here goes none the less.

I am currently living in a single family detached home in Florida where my parents own the property.  The current market value of the home is roughly $230K- $250K completely renovated.  My parents are looking to divide the property three ways between them and my sister and I.  They set a cap value of 200K where they take $100K and my sister and I split the other $100K.  I want to use this house as my spring board into real estate.  What is the best approach to limit the amount of taxes, fees and transactions we would surrender?  Sell it to me, transfer the deed or other?

Also, would I get any tax benefits holding a property that's already paid off living in Florida?