Looks like the only things that require licensed professionals is plumbing, electrical, and mechanical all of which need a permit from the city.

@Alexandra PsarakisBest to speak with an attorney.More important than the mechanics of how a trust works is does a trust fit in with the goals and wishes of your mother and grandmother.They'll get to know everyone's facts, circumstances, and goals, and answer any questions you may have.

I would likely need appraisals or some mechanism to measure value upon each buy in too. 

Hey @Elijah Glenn, a few observations:1: I would account for ~12% in total fees when selling. 2: Are you able to itemize your rehab budget, is this a cosmetic job, is new mechanicals needed? 

It is a great read and allows you to think holistically more than just mechanically.  

— How do I find out if there are additional liens (mechanic’s lien, etc.)?

Living on site isn’t required for the job; just a perk and a saving mechanism.

The list to look for is extensive: mechanical, electrical, plumbing, structure, layout, terminate damage, mold......Can only be learned over time and after viewing multiple properties with and without issues.  

Its a full time business with completely different mechanics than passive multifamily.

This appears to be a huge CapEx cost on top of the other major mechanical components of the house.