The 70% LTV and 3% origination cost you mentioned are typical, but they can definitely vary depending on the lender and the specific deal.Regarding the LLC or Trust, you're right, it's a good idea to explore those options for asset protection and potential tax benefits.

Quote from @Alex Fierro: Greetings, finding a business/real estate lawyer that will actually return calls or emails has been taxing so I decided to post here to get the advice from all the gurus.

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

They should put the tenant on notice, and indicate their intent to terminate their lease if they don't correct the problem.If you have no such clause in your lease, you can find the owner of the property using tax records, then skip trace the owner and contact them to let them know of the situation.

Real estate pros buy property using leverage and bonus depreciate to perpetually defer taxes.

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That was the sales pitch that looked attracted to me and here I am 3 months after closing and no tenant, even the numbers looked good, my ROI was going to be decent, but looking at the new tax assessment next year my numbers are going to change a lot, leaving with very little cash flow.

A second option is getting a DSCR loan.Lastly, knowingly leaving deductions off of your tax return to qualify for a loan is mortgage fraud. 

The income (rent minus management) should cover the costs (principle, interest, taxes, and insurance) depending on the property's price point. 

Are their caps on real estate taxes?