I feel as though these repairs/ improvements are needed, because the condition of the property previously when I was getting the 1000 in rent I feel was unacceptable and a liability.

I currenntly have 5 properties and am needing to cut down on tax liabilities for this year.

I'd encourage you to speak to an attorney to make sure you are set up with good protection to cover any incident that may happen i.e. umbrella policy or increased liability coverage. 

Thanks to the Cost Segregation Study, the property investors were able to reclassify the property into the following categories to accelerate the depreciation resulting in first year depreciation of $26,167,989.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

While the bank may have facilitated the transfer without issue, updating the title is still important for legal and liability reasons, particularly for tax and asset protection purposes associated with LLC ownership.The title company has indicated they can handle the title change process, which typically involves filing paperwork with the appropriate local government office, such as the county recorder or registrar of deeds.

He is concerned with liability. 

I am not an attorney, so don't take this as legal advice, but I had a lender tell me that financing with a DSCR compliments holding a STR in an LLC for liability purposes.Financing an STR held in an LLC with a 2nd home mortgage that reports to your personal credit creates a hole in the corporate veil per se.On the other hand, financing an STR held in an LLC with a DSCR loan that is qualified only by the asset's income offers much more separation of personal and business liability.

He would like to sell the property while minimizing his tax liability, which ideally would be an additional land contract to our company. 

If you do these, you also need to clearly disclose to the original borrower of the circumstances of the assumption and the liabilities involved.

.- Consider liability protection: Look into forming an LLC or other business entity.Starting with cash is a smart move to minimize risk and learn the process.