New construction carries many of the same risks as older construction.Who is to say that the former landowner didn't have a signed and notarized agreement with Billy Bob's grandpa saying that Billy Bob and all of his descendants have permanent irrevocable cow grazing rights over the land that all these houses are now on?

I discovered that dad's Living Trust becomes an irrevocable trust upon his death. 

It's a little complicated (definitely talk to a CPA) but basically, you transfer property to an irrevocable trust, pull income from it (cash flow) for a certain period of time and then the remainder (either the property itself, remaining proceeds from the sale of the property, or other investments purchased by the trust using the proceeds from the sale of the property) goes to charity.

I want to set up revocable or irrevocable living trust, but need to work with Attorneys in Hyatt Legal Plan network. thank you!

Ask about putting the house in an irrevocable trust for your mother.Seeing this through is going to take time and financial commitment from both you and your mother.

If the trust was irrevocable it would need to file an income tax return.The IRS considers a revocable trust to be a "disregarded entity" meaning it doesn't exist for tax purposes.

(A) An out-of-state commercial broker, for a fee, commission, or other valuable consideration, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration, may perform those acts that require a license under this chapter, with respect to commercial real estate, provided that the out-of-state commercial broker does all of the following:(1) Works in cooperation with an Ohio real estate broker who holds a valid, active license issued under this chapter;(2) Enters into a written agreement with the Ohio broker described in division (A)(1) of this section that includes the terms of cooperation and compensation and a statement that the out-of-state commercial broker and its agents will agree to adhere to the laws of Ohio;(3) Furnishes the Ohio broker described in division (A)(1) of this section with a copy of the out-of-state commercial broker's current certificate of good standing from any jurisdiction where the out-of-state commercial broker maintains an active real estate license;(4) Files an irrevocable written consent with the Ohio broker described in division (A)(1) of this section that legal actions arising out of the conduct of the out-of-state commercial broker or its agents may be commenced against the out-of-state commercial broker in the court of proper jurisdiction of any county in Ohio where the cause of action arises or where the plaintiff resides;(5) Includes the name of the Ohio broker described in division (A)(1) of this section on all advertising in accordance with section 4735.16 of the Revised Code;(6) Deposits all escrow funds, security deposits, and other money received by either the out-of-state commercial broker or Ohio broker described in division (A)(1) of this section in trust or special accounts maintained by the Ohio broker;(7) Deposits all documentation required by this section and records and documents related to the transaction with the Ohio broker described in division (A)(1) of this section.

And, I use the depreciation on my SFHs to reduce my Japanese taxes.I talked to a US attorney concerning my situation and his advice was to create an irrevocable living trust, then place all of my SFHs in land trusts and then in LLCs which are held by the living trust.

A real mind blower is then Self-Settled Irrevocable Spendthrift Trusts.

Let’s take a look at several scenarios: Ownership of residential property (consisting of 4 or fewer dwelling units), which is financed (individual total ownership in one’s personal name, or joint ownership in two or more personal names, regardless of who is liable on the note) – YES, this is considered a “financed property.”Ownership of residential property (individual total ownership in one’s personal name, or joint ownership in two or more personal names), which was purchased subject-to the existing financing, and the previous owner is the only party liable on the mortgage – YES, this is considered a “financed property.”Ownership of a residential property, which is owned free and clear – NO, this is not considered a “financed property.”Joint or total ownership of a residential property that is held in the name of a Corporation or S-Corporation, even if the borrower is the owner of the Corporation, and the financing is in the name of the Corporation or S-Corporation – NO, this is not considered a “financed property.”Joint or total ownership of a residential property that is held in the name of a Corporation or S-Corporation, even if the borrower is the owner of the Corporation; however, the financing is in the name of the borrower – YES, this is considered a “financed property.”Ownership of a residential property that is held in the name of a Limited Liability Company (LLC) or Partnership where the borrower(s) have an individual or combined ownership in the LLC or Partnership of 25% or more, regardless of the entity (or borrower) that is the obligor on the mortgage – YES, this is considered a “financed property.”Ownership of a residential property that is held in the name of a Limited Liability Company (LLC) or Partnership where the borrower(s) have an individual or combined ownership in the LLC or Partnership of less than 25%, and the financing is in the name of the LLC or Partnership – NO, this is not considered a “financed property.”Ownership of a residential property that is held in the name of a Limited Liability Company (LLC) or Partnership where the borrower(s) have an individual or combined ownership in the LLC or Partnership of less than 25%, and the financing is in the name of the borrower – YES, this is considered a “financed property.”Residential property held in a REVOCABLE trust – YES, this is considered a “financed property.”Residential property held in an IRREVOCABLE trust and the borrower has NOT personally guaranteed the debt – NO, this is not considered a “financed property.”Residential property held in an IRREVOCABLE trust and the borrower HAS personally guaranteed the debt – YES, this is considered a “financed property.”Obligation on a mortgage debt for a residential property, regardless of whether or not the borrower has an ownership interest in the property – YES, this is considered a “financed property.”Ownership of a vacant residential lot, even if it is financed – NO, this is not considered a “financed property.”Ownership of commercial real estate (office building, retail space, warehouse space, etc.) – NO, this is not considered a “financed property.”Ownership of a multifamily property (consisting of more than 4 dwelling units) – NO, this is not considered a “financed property.”Ownership in a time share – NO, this is not considered a “financed property.”Ownership of a manufactured home and the land on which it is situated that is titled as real property – YES, this is considered a “financed property.”Ownership of a manufactured home on a leasehold estate not titles as real property (chattel lien on the home) – NO, this is not considered a “financed property.”