You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.

As a CPA specializing in real estate taxes, I often get asked about the basics.

*This post does not create a CPA-client relationship.

We did a series of tax tips for real estate investors on our podcast last December, and this was one of the things we discussed with the CPA we had on. 

@Zehua Zhou A CPA like @Michael Plaks can help you out with the details on this.   

Our CPA told us if we transferred to NJ LLC with both of my parents as 50/50 owners, they can treat the LLC as a single member for federal tax purposes and continue to file on Schedule E because they file a joint return, but this seems to be inconsistent with what I've read.If we want to transfer to an LLC and continue reporting on Schedule E on their joint tax return, can I simply set up the LLC with one of my parents as the member and have each parent deed their interest to the LLC that will be owned by one parent?

So wondering if anyone has been able to successfully file it in Freetaxusa/Turbotax, or is this something that cant be done through a software and we need specialized CPA to file it for us? 

We got both legal and CPA advice and then set up the current entity structure, which is this: Our trust (set up for asset protection) has membership interest in two LLCs (one in Texas and one in Florida, where we own rental houses). 

You are going to need to speak to a CPA.

A lot going on here @Russell Taylor (warrants more than a blog response) I would find a real estate specific CPA who is willing to take a legal yet effective approach to lower your tax burden