This will create your new basis.From an operational perspective, you might want to touch up a few things on the place to make it more rentable. 

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

I would try not to tie up any of the principal in down payments.Personally, I had a family member do this same thing, but they used an investment portfolio as the collateral instead of real estate.If you play your cards right, this might be the only short-term money you ever need.Please let us know what you end up doing.

If you had to use insurance for one rental, that would push the premium up on the whole policy, wouldn't it?

Hey Tre,i'm not sure where you work or if you have a preference for location but i have a brokerage buddy who just locked up a househack in Athol.

@Jade Frank how much has your current home gone up in value?

You can 100% use an FHA-203k renovation loan on multi-unit properties up to 4 units. 

Jeff makes up repeated excuses and strange reasons as to why he can't/won't pay (i.e. family emergency, bank is rejecting wires, software/website is buggy, telling investors to go "f*ck their mother").I'm in a group with 30 other investors who were also scammed by him. 

And the vast majority of us are just looking stupidly at each other as others are still trying to huddle up and run screen plays. 

We could have just said "No thanks" and hung up, but we didn't.