If sold before his death a good estimate would be pretty close to 20% of the selling price in federal taxes. (15% on the capital gains which is nearly 100%) plus 25% on the building’s depreciation.

We’d like to transfer their interests to an LLC – however, we do not wish to be treated as a partnership for federal tax purposes. 

Also - Check your HOA governing docs to see who is responsible. 

Legal and Regulatory Steps:Establish an Association: You'll need to create a condominium association and draft the necessary declaration and bylaws (condo docs).City Approval: Obtain the necessary approvals from the local government or zoning board.

If you pull up airbnb on the city, you can see regulation has not been an issue thus far.Regulation is certainly the biggest risk, but Utah is a great state for doing business with usually little government intervention in private commerce.

You will owe 15% federal capital gains on your net profit.

I can tell you that we have extremely low inventory and a limited appetite from our local government to construction significantly more.

The laws and rules that govern will change from state to state, state to federal, country to country.

Once you are officially evicting, that means start the process with the city, you can get the Federal Marshal to present, and eventually get them out for you.

I do have to pay state and federal taxes.