Our first rehab, we had to replace sub-flooring and walls due to the cat urine odors.I tell my tenants that I am allergic to cats, so no way.

When I was a child we lived in a house built in 1889 and it had wooden double hung windows.

My bf’s mother also smokes around me (I’m pregnant, and this could hurt my child) and does not care.

That's the whole point.I've bought many properties and probates in particular whereby occupant is an heir, a relative, a friend of decedent, ex-partner/boyfriend/girlfriend and grand child's baby daddy and biker buddies. 

This is your child smiling at you and saying, "pretty please" to something you know they shouldn't be doing, then you look at their smile, and rationalize right into what they want.Be a parent...be a landlord.If they have to move, find a place for them to move to that they can afford...that you own.

I wanted to leave at least this property to my child if something happens to me. 

If your ultimate goal is to prevent the Convicted Child Abuser from being there, you must get rid of the tenant.

As far as the CPA income question above there is a little extra cost in the way books are set up to be able to account for each child series separately.

Question for RE / tax gurus:If a property is worth $100k, can two parents gift 50% equity of a property to their child and their spouse in one calendar year (2018), and the remaining 50% of equity the following calendar year (2019) and legally avoid the annual gift tax limit ($56k) while essentially gifting a home to their child over this timeframe?

It's pretty cut and dry, but it works and now he's worth enough to buy every man, woman, and child a nice sandwich and a bag of chips. 19.7% annualized gain in book value isn't as sexy as day trading, but BRK/A just closed at 190,500 a share!