During a recent conversation, the following question came up:------------------------------------------------------------------------"The question is:You buy a 'new build' house.

Instead of keeping them, I'd look to sell them and buy something more suitable as a long term rental.If you want to know why I have such a strong opinion on this, just google the following: - HOA Special Assessment - Florida Condos 2024 - search for news on the new laws - Zombie Condos

I would tell you to do one of the following:  (i) each spouse form his/her own single member LLC and the two LLCs can own the replacement property as 50/50 co-owners, and you and your spouse would then continue to report ownership of the replacement property on your joint 1040; or (ii) acquire the replacement property in a single member LLC owned 100% by you or your spouse. 

My experience has been with correspondence audits, so that's just a lot of paper moving back and forth (and sometimes some follow-up phone calls).

Typically, this structuring takes place after the property is purchased.If a Transfer Is Feasible:If you’re comfortable with the property tax increase, the property can be transferred to both daughters, followed by a lease agreement with your father-in-law.

Follow the law and send the exact required notices. 

Quote from @Grant Shipman: Hey BiggerPockets Community,If you’re raising capital for real estate syndications, you need to be aware of SEC regulations—because one wrong move could put you in serious legal trouble.Many new syndicators think they can just start pooling money from investors without following the proper rules.

I have a follow up question from yesterday's as I continue to build my team in Akron/Canton, OH for STR's.

Would you follow me in to your master bathroom?

Not one single example, yet everyone pushes it like it's the ultimate protection policy.As stated above, the best protection is to follow the law, treat your tenants honestly, and document everything.