To make a long story short, they are no longer able to make payments on the property and are in danger of losing it.I have a rental property in Southern California that I currently own whose value if I sell should cover the outstanding loan balance on the farm.

I saw many highly successful hard working people lose money to them as well as people who couldn't afford it.

Before committing to a flip, ensure you have a clear exit strategy, whether it’s selling quickly or holding for a longer term.

Is your tenant month to month or in a long term lease?  

@Emily Shin landlord experience is invaluable for a career in rental real estate.It's not something you may want to do long term, but the experience can help you select and manage PMCs.

A short-term rental with a stay of 7 days or less + Material participation =also non passive.

Jessie Vasquez is in your area and is a very successful MTR investor and coach.

Do you and your husband have any kind of long term strategy in mind?

You may need an independent appraisal if the value of the property exceeds $5,000, as the IRS generally requires this for non-cash donations of significant value.Capital Gains Considerations: If you've owned the property for more than a year (which you have, having owned it for 10 years), the house is considered a long-term capital asset.

If upfront savings matter, closing personally and transferring later may work, but if long-term protection and simplicity are priorities, paying for an LLC loan upfront is worth considering.