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.

It's awesome to hear how aware you are about the transferability of your skills to real estate! 

I would just pay off the arrears, pay out your equity, and transfer title. 3) Sell on the market, but then you'll lose some of that equity in closing costs and commissions. 

Eventually, I would like to transfer the property to an LLC. 

Additionally, transferring properties into a trust for estate planning purposes is possible if needed.To maximize your leverage, I recommend exploring multiple DSCR lenders for better terms and working with a real estate attorney to structure your LLCs for both protection and lender compliance.Let me know if you’d like more details or assistance with financing!

Understand Proposition 13 for property tax benefits, local transfer taxes, and strict tenant and rent control laws.

Quote from @Jon Taylor: @Pete Harper - Section 721 of the Internal Revenue Code allows an investor to exchange property held for investment or business purposes for shares in a Real Estate Investment Trust (REIT) without triggering a taxable event.

Much of the travel to Maui is international.

Ideally there'd be second factor requirements on any transfer, and especially "suspicious" ones (as defined by an entire team of people who monitor that sort of thing).Cookie theft and other takeover scenarios are a thing.

Now with Covid we do not even travel to the U.S. so will use Facetime to see the progress I also get reports on our internal system for all my our  contruction activities.