If it is indeed I/O, I would just make sure you have enough NOI to cover the refi with some conservative debt sizing assumptions.

Almost every REMIC is in violation of it's tax status.

If you do place the property in her name, you've got a Gift Tax (Form 709) to complete. 

This would end up getting you some tax benefits and extra cash flow that could help you leverage that into another property...maybe a 1031 exchange.

Liberals make lovely places, but red states help them not turn into tax hells or places that are anti-landlord—no big cities.

The debt to rent income is fantastic, but I understand if the city is not growing.

Quote from @Fred Scott: Sunrise Capital Investors - Mobile Home Park Investment FundI've seen a few posts about them here but none of them actually talks about what the actual annual returns have been.They are advertising heavily for passive tax deductions which is fine but what are the actual returns over a period of (say) five or ten years?

Areas near oil production hubs could experience economic booms, creating localized opportunities for real estate investments.Beyond these broader economic initiatives, Bessent has been vocal about extending or even expanding the 2017 Tax Cuts and Jobs Act (TCJA).

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.