Finally, we need a CPA, open to referral.Hi Jess, this may require more information to properly assess but it is possible to treat the transfer of the property and the refinancing cash out amount as a investment (capital contribution) into the business.

IRS and judges will come after you for fraudulent transfers.

I'm curious about the best options for transferring the home to me.

Utilities: Transfer the utilities into your name so that you are responsible for them once the tenant's lease expires.

Can those terms be transferred to the new investor?

This should be a lesson in wealth transfer. 

Pay off a higher interest rate loan with the funds and transfer those properties as collateral back to the loan where we were thinking about selling the underlying assets.

The only issue is my job is 2 hours away from the triplex, by September I was looking to transfer and find another another job down where the triplex is   When I apply for my loan would i be able to apply as owner occupied?

And the transfer is really easy, no probate (just assign a beneficiary), and you don't even have to re-record a deed...But back to your question about one property all cash or leverage? 

Are you assuming the loan was not brought current when the Subject To was performed and title transferred?