Also, when picking a lender, make sure you pick one that is very familiar with BRRRR strategies, has access to hundreds of lenders to shop the best Hard Money and Refinance partners for you, and that can give you advise on the front end.  

I believe you were right he would inherit your cost basis, so he would owe capital gains.

Primary residence capital gain $250,000 exclusion.  

But bottom line money is out of your account and into an account you cant access or influence.

From what I understand, they knew you had some asset of value and this scheme allowed them to access. 

Selling an investment property can result in significant capital gains taxes.

Access to Larger Loan Amounts: Cross collateralization allows borrowers to leverage multiple properties, which can lead to a higher overall loan amount than what might be possible with a single property.2.

I'm eager to gain hands-on experience and mentorship in this field.

I want to gain Capitol under my business name.

Land doesn’t depreciate, and while buildings require maintenance, they usually gain value as markets grow, demand increases, and inflation takes its toll.Real estate investors benefit from a significant tax write-off based on the concept that properties lose value over time, even as their market value skyrockets.