If you are working with an investor-friendly CPA, I would ask what you need to document to make it easy to write off the expenses.

Fantastic news for high-income earners......if not for strings attached.

That is REALLY bad news because dryers generate a huge amount of humidity and those damp spaces are an invitation for mold and wood-rot problems.  

There were some challenges along the way with the lending process but I was able to provide all of the documentation required and close on time.

Having a dedicated account for property-related income and expenses makes it easier to track and document everything for tax filings, deductions, and accounting.

(We're aware of the five year look back period for Medicaid eligibilty but it's not a big factor in our decision to do this.)We would get the house appraised so we can document paying FMV.House would be purchased with cash (it's a small home in a rural area and value is low)Inlaws would sign a lease so that it becomes a legitimate rental and we can deduct expenses, etc.

Is it even possible to do or would they have to sign a whole new document?

I got news for you, most people in the U.S dont have not even $50k cash let alone $300k cash liquid.......................

When we reached out we were told that the deeds had not been transferred and we owed them some notarized documents.

Most investors that have tried to purchase an investment property recently have been shocked by how high prices have remained given the higher interest rates and growing negative economic news.