I built my business from the ground up, and over the years, I’ve worked with first-time investors, seasoned pros, and everyone in between.

-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. 

I'm rooting for this to be wrapped up!  

Hey Brandon, Some would require some reserves, or at least to show cash to close on any new deal.Are you anticipating opening up a HELOC on your primary to get the cash needed to close? 

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

It's up to their tax professional on how to present that info on their tax returns.

Most work like this: Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Then once you've fixed the property up and at least have it listed for rent you could refinance into a DSCR loan.

Thinking of picking up my first property in western MA soon.

You do not need to set up an entity in a different state to wholesale.