I don't want to be tied to Furnished Finder exclusively for MTR management. 

We did not know if our proximity to Nashville would be more important because of the fact that we would be doing a short-term rental with the property for half of the year and then using the property exclusively as a rental in a few years?

Unlikely to be any tax due if this is your first gift, but it will count against your lifetime exclusion down the road. 

Remodel while the property is still in your name to increase its basis, which can reduce future capital gains taxes, and take advantage of the capital gains tax exclusion if you sell within three years (up to $250K for single filers or $500K for married couples).

If you convert a main home to a rental,  you do not get the full $500k exclusion.

I've heard this stat or stats like it before and while I would suspect a very high percentage of millionaires got that way through real estate and maybe 90% have used real estate in part to become a millionaire, I sincerely doubt that 90% of millionaires got to be millionaires exclusively or even predominantly through real estate. 

For 2024, the annual gift tax exclusion is $18,000 per recipient (rising to $19,000 in 2025), and amounts above this require filing a gift tax return (Form 709).

I would recommend Equity Trust, our exclusive partner for self-directed IRAs. 

It's very possible that whatever change might happen won't be in affect until 2026 also.It's also worth noting that any depreciation taken for the property for rental purposes doesn't become part of the Sec. 121 exclusion should you choose to take that in a future year.

I almost exclusively work with investors and business owners in buying and selling in Baldwin County.