If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

I never could get a foothold into the NY wholesaling community because of the Atty involvement in contracts. 

Its great that you have saved some money and have a desire but investing involves a risk of loss.

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

Are you looking to just put the money to work or looking to be personally involved in getting, rehabbing, and dispo of deals?

If you want to get involved with a great training program, try Lifestyles Unlimited, they have over 55,000 members nationwide. 

If $100-$120 aligns with similar properties, then it’s a fair rate—especially considering the size of the home and the work involved.

Definitely a question for a tax attorney/accountant, especially with the dollar amounts involved. 

I am guessing a few will say to have my lawyer do it, but the other LLC was so seamless that it seemed superfluous to have someone get involved. 

Specifically, I am interested in learning more about syndications, working with lenders, lawyers, CPAs, and other professionals involved in cross-border real estate deals.