Consequently, the lender cancels $75,000 of the landlord's debt.In light of this situation, the IRS Chief Counsel provides guidance indicating that the foreclosure constitutes a taxable disposition of a significant portion of the landlord's interest in the property.

Official paperwork should be prepared with a real estate lawyer, and financial examination should take into consideration interest revenue, tax consequences, and market circumstances.

Consequently, it could hinder your ability to refinance individual properties within the portfolio.

Do I purchase it in the name of the LLC and then quit claim it to the Trust, and, if so, are there any consequences?

There probably won’t be any unintended consequences like California raising minimum wage for only chain restaurant workers to $20 per hour while all others are $15. 😀  

This would address concerns many posters in this thread have regarding the logistical challenges with the project and how a deviation from your initial budget and timeline could have devastating consequences

Let’s dive into it.Potential consequences of working with an unqualified firm:Missed opportunities: Firms that are inexperienced may overlook numerous components that are eligible to be reclassified as they lack the knowledge or don’t perform a thorough analysis.This reduces the amount of potential deductions which also reduces your potential tax savings!

Consequences?

Alternatively, you can use the fair market value of the home at the time of conversion"Keep in mind, you will probably want to talk to a tax professional to go over all the consequences. 

., but they do not build OAs with tax consequence in mind.