I would retain control during my lifetime, then the property would go to my daughter.

Off-market deals give you control over pricing, terms, and creative financing options.

(the accounting theory behind it) Your question implies that you expect some logic behind our tax system.

I would consult an attorney who specializes in this.Also, assuming the property is in California, if it wasn't subject to CA Rent Control, once it goes into the LLC, it might be.

Does it need a roof and new heating system or just paint and flooring. 

In the event of an acquisition your "Checkbook Control" set up would not change.

You really need an infrastructure to run something like that - systems, people...and you have to keep it going. 

These regions offer affordable prices for most investors, with homes that are turnkey—either newly constructed or fully renovated, tenant-ready, and with systems that still have 10+ years of life remaining.

You can create boards for each property and track updates, tasks, and improvements visually.Property Management Software: Some users also leverage software like Appfolio or Buildium for more comprehensive tracking, though these can come at a cost.It really depends on your preference for simplicity versus more structured systems.

You can often uncover major things with a little research before you view the property - Ages of appliances, HVAC system, foundation/cracks, plumbing leaks, small electrical things (bring an outlet tester), signs of previous leaks, termite damage etc.