A 645 election can be filed to combine the Estate/Trust into one entity for tax purposes (I do this 99% of the time).You should speak with your CPA (who is specialized in estates/trusts) to confirm the disposition of assetsConfirm that you can take the assets outright, as opposed to further in trustGenerally, step up in basis of all assetsIf you are renting the property, you would want to get it appraised, as this will re-start depreciation.More potential implicationsSpeak to your CPA and attorney to make sure everything is handled correctly.

My personal take was them folks are stuck in their ways, including my CPA (whom I love dearly.)Also, isn't less expensive to do your taxes with a Series LLC as opposed to a bunch of separate LLC's?

It allows you to diversify into a portfolio of homes as opposed to putting all of your proverbial eggs in one basket.Be cautious tho as over the years I have witnessed countless investors buying properties in crappy areas, for more than they are worth and being passed on to crappy property management that nickel and dimes them to death (I guess all of those 15% "awesome" paper cap rates and promises of financial freedom aren't that awesome after all...)This is not just true for real estate deals but life in general (Your "piece of paper" degree does't necessarily dictate success in your chosen profession or your business)Real life experience is different to what any "piece of paper" says.In all reality guys it takes time to build financial freedom, and the more you can diversify your risk across multiple properties in your portfolio the less risk you bear in the long run.I may not be the smartest Aussie you have ever met, however I do understand a few basic rules that I follow on every acquisition I make.Strength in numbers, cash only, patience, and discipline.Let's talk about Strength first.Price point plays a big part of "strength in numbers" as it is safer to acquire 5 homes for a total of $350,000 as opposed to one for $350,000.What happens if "that one" property goes untenanted for 5 months?

This simply isnt the case in the REO world.Also, a listing agent on an REO is acting much more akin to the job of a property manager as opposed to a traditional listing agent. 

The responsibility is different if you have 0 net worth as oppose to if you have 10mil net worth.

You could also put the property into an LLC as opposed to putting his name on it as well, but you would just be back into the situation your currently in, with lesser terms when you go to refi (due to LLC).

It's also not quick as opposed to rentals and or flips but in my personal opinion its a lot more lucrative than some of the other investment vehicles.

If condo conversion is your ultimate goal, you might run into trouble with ADU, as opposed to a regular cookie cutter duplex.

Is it a carriage house as opposed to a garage, and/or is there enough room to incorporate another structure on site, namely, a 3-4 car 'modern' monstrosity?

When I refer to raising the rent, I refer to being able to charge on the higher side of market value as opposed to the median.