I don't think there is any problem with retaining a life estate, but I would have a tax practitioner that specializes in Estate & Gift issues assist in making the relevant calculations and drafting the supporting documentation.

For instance, the cost to prepare a return for a single individual will be different than for a married individual with children, all else being equal.Other drivers are the cost of living where your CPA is located (CA CPAs are more expensive than AL CPAs), their practice's overhead, and the CPA's experience and knowledge level.I don't know of any practitioner who wouldn't charge for more states. 

@Salvatore Lentini,Regarding the REI education school I'm connected with, our instructors are not only "doing it", they are actual business people - practitioners.

I'm guessing he is not an real estate attorney, but a general practitioner with maybe a partial RE focus?  

Then I'd be glad to have him gone and focus on the next tenant...If he really damaged the place (and you know from my application he has some financial means), then you may want to have a landlord tenant lawyer or general practitioner look at the exact next steps for the eviction or civil lawsuit.

Our "regular jobs" are nurse practitioner and user experience designer. 

The first commercial property my wife and I bought is the dental condo that our practice is in. 

You are right in line with the definition.I am going to suggest professional advice on two counts: (1) a good landlord tenant lawyer (or a general small business practitioner that maybe works for small landlords, has rentals, or has experience in the area)....(2) maybe try professional property management for now as you learn more about the rules and get some more ideas and tools to screen tenants.

If you're a medical practitioner (Doc) I imagine your bank will be happy to work with you. after you get an asking price, go to the commercial loan department and they can lead you through the motions.

Maybe I could get someone to transfer me the money and I could pay a good interest on it for a year, because I do work with a dentist now that will be in Buffalo with me; he is going to help me into dental school.