Generally, when the trust becomes irrevocable (after death or conversion) or gets EINs to file a separate return, you would file 1041.

The property needs some light rehab, and there are no tenants.]I have brainstormed:- Transfer the deed to  a Irrevocable Trust- Use some other type of specialized Trust- Some other sort of entity- Execute a Mortgage or other type of lien on the property- Find my own buyer and sign a Purchase & Sale agreement with them, there by tying up the property in a deal -(bad idea) Transfer the deed from my cousin to myself + my cousin. 

Thank you speak to your attorney but its my understanding trusts do not provide asset protection unless its irrevocable trust which opens up a lot of other problems. 

I saw the document that was filed at the county records office and does not look to be an irrevocable trust.

Hi, just a thought…The seller could consider first selling the property to an irrevocable trust where he is the discretionary trustee, the trust then sells the property to you, and then he/trustee can elect to defer any capital gains, perpetually, and draw the funds down at his discretion against the Demand Note (liability due to him from “selling” property into the trust…which had no cash at inception).

This allowed me to partner with several capital providers and me into an irrevocable trust that my company was the trustee for and I made the loan through the trust.

I was thinking that we hire a developer and pay the deposit to them and sign an irrevocable contract to purchase the land and develop it ready for construction and sell the land to builders to build houses for us.

This is not legal advice but consult an estate planning attorney in regards putting the home in a irrevocable trust after the probate administration has concluded @David Walker

(I would really like to avoid that.)The alternative would be to exchange it into an irrevocable trust.

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