I think you could split after sale for a non-taxable event, the total basis transferred in would be split across the two "new" properties.Calling @Dave Foster to give his insights here, lots going on in this one.

They helped us contact the real estate board and got the old manager to transfer all security deposits and back rents over to them.

After speaking with a real estate attorney, they had recommended transferring ownership of the property from the land trust into an LLC and dissolving the land trust.

I want to start advising my buyers to use land trust transfers when we acquire properties that have underlying notes since we are seeing an increase in notes being called.

I don't see why you would want to go through the hassle and expense of transferring the property into an LLC after the purchase was already completed.

He posted a question, similar to yours, He said he had 180k in liquid cash and he was looking to buy some 8 unit property where his entire 180k in capital plus more for all the closing costs and interest reserve and transfer taxes and the whole nine it would be near 200k. 

When one of these LLCs wins, they simply transfer the certificate to the main HF holdings.

What if the lien was transferred into your name?

I purchased a tax lien that was sold the next year with a “warranty deed” The lien was for 2022 taxes and the deed was transferred in 2023. prior to the transfer there is a long history of tax sales and different names paying taxes including a previous investor. how far back does the line of interest go and would the previous investor be considered someone who “holds interest” in the property?

Transfer tax on the purchase and also the sale.