Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Is it subject to the Ellis Act?

A naive sanity check for me is just making sure that a TOD is actually a legal contract that's not subject to change later by the owner like a Will or Living Trust would be. 2.

Any courses on this subject matter?

The asset that is the subject of this thread is in Houston, and not the worst area of Houston, either.

As for selling with 10% down at 8% interest, you now have two title transfers that violate the due on sale clause and add complications to subject to “safeguards” that reduce risk if note is accelerated, if party in possession doesn’t pay taxes or insurance, and of triggering whatever system the lender has set up to notify them when a deed transfer takes place. 

However, if you are purchasing the property subject to the loan, which is an FHA loan used for primary residency, I don't see a title company working with that unless the loan is paid off prior to any improvments made to the property.

This can mean additional costs for repairs and maintenance to meet these standards.Administrative Burden -> There can be significant paperwork and administrative work involved in maintaining compliance with Section 8 requirements.Please reach out to me directly if you want to go deeper into the subject, especially on the financing/loan side of things!

A domestic partnership that sells real estate generally is not subject to FRPTA.

As I am coming to see it, even an experienced appraiser would struggle to advise here because of the subjective value to the limited pool of buyers (as noted by Kevin).