Know your resale value before you step into any purchase and make sure it will cover your expenses - including realtor fees, property transfer taxes, etc if you'll be selling it in a year or two - and then include the profit you intend to make too.I'd also encourage you to research mortgages from an investor's point of view. 

LOL Wire transfers!

Confirm the contract.Close on the deals Transfer management to PMStart repairsAdvertise property for lease,Rent refinance and roll if you BRRRROr just seat back and asset manage the property.

I have read about the formation of a trust and transfer of ownership to the LLC.

Matt  at Transfer Properties in Manayunk can handle this. mhe at transfer.properties

I am not a tax professional but I believe the tax basis automatically gets adjusted upon a transfer due to death when the property is transferred from a parent to a child. 

@Christina L.In Pennsylvania, transferring the property in your scenario will mostly likely trigger full realty transfer taxes.

For example, your monthly sweep to reserves is not an expense - it is just a balance sheet transfer. 

I also have a small 401k that I am trying to figure out how to use whether it means closing it out and taking the hit or finding a way to transfer it into a Roth self directed.As I said I am really grateful that Bigger Pockets is here and have just been diving in the last few weeks since discovering their Youtube channel.Thanks Ya'll!

After adding brokerage, transfer tax, title insurance as well as accounting for any capital expense to replace 20+ year old mechanicals/roofs etc.